I have recently been working with my team to revamp the metrics we track. It is part of the EOS Scorecard.
I am meeting individually with every member of the company and asking them to think holistically about our business. I have given each of them a two part framework within which to contemplate and ultimately produce suggestions for track-able metrics, as follows:
- Imagine you control the business on a island and are only allowed access to at most 5 numbers from which you must make all your business decisions. Which numbers would you choose?
- The numbers must be realistic. For each number, imagine it is Friday afternoon at 4pm and you have to come up with the number from existing company data. How exactly would you produce the number? If you can’t articulate exactly how you will produce the number, then the number is not tractable.
As I have been meeting with team members, I have noticed these conversations result in man productive outcomes:
- Direct – we are coming close to a good revamp of our metrics
- Indirect – it is a chance for team member to
- feel a sense of unity and alignment on purpose as they take part in constructing our measurement system
- communicate things that are important to them (i.e. those things they want to track)
- see outside their personal job duties to see how they fit into the company as a whole
- tell me metrics they feel are not worthwhile or skewed in some way
I recommend this exercise and look forward to finalizing the metrics that we track and to begin to see the fruits of revamped metrics-driven business.
What are your thoughts on devising metrics to track?
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