Developing a tight, mature scorecard is a journey worth taking if you want to take your business to the next level. Introducing a scorecard into your business can be frustrating and make you wonder: Am I tracking the right metrics to support my business goals? Do I have the right targets? Is my scorecard actionable?
It is hard to know where to focus if you don’t have a good scorecard. Should you focus on the people? The processes? Or isn’t your message with your Ideal Client? When your scorecard is mature, it is the perfect tool to help you diagnose where to take the proper action to focus on people, processes, or messages to move the business forward.
We will break down each of these in future blogs, but let’s look at what a mature scorecard might tell you about the most important assets in your business: The People, the Processes, or the Message.
A “mature” scorecard is a scorecard that has evolved to a place where the right metrics are tracked and providing the right information to move the business toward its goals. For context, let’s use a sales team as the use case.
Conversations with your people are how you diagnose if the problem is with the people, processes, or the message, so let’s start there. A good indicator that you might have a people problem on your sales team is that the same sales rep(s) are underperforming despite documented sales processes with sales tools.
Looking at two reps helps provide context for this:
- Superstar Sally: Consistently closes 60% of qualified leads
- Mediocre Matt: Consistently is under 40% close rate for qualified leads.
If the quality of the leads is the same, and the process is documented and followed, then it is time to take corrective action with the underperforming rep. The EOS® GWC™ is a great tool to help ensure you deal with the people problem appropriately:
- Do they Get it?
- Do they Want it?
- Do they have the Capacity to do it?
Experienced leaders can peel this back in their normal process of LMA to take the proper action to help their people level up, move into a different seat, or exit the business.
If Superstar Sam (50% close rate) and Mediocre Matt (40% close rate) are handling their qualified leads differently, then it is not a people problem, but a process problem.
Superstars may be able to meet their sales numbers independently, but less experienced team members like Matt can still perform with process. The good news is that a tightly documented process will not only help Matt, but Sam and the rest of the rest team will win more as well!
If you discover that you have a process issue, start with the desired metrics that the process is designed to drive, and take a close look if that process truly enables your team members to perform their regular activities.
If your processes are documented and your people are performing, consider looking at the message. Having the right message is important from when a prospect finds you to the point that they are happily renewing or extending their engagements with your business.
If you have the right message, you seamlessly convert leads into prospects, prospects into clients, and clients into raving fans. Measuring the different conversion points across your client’s journey can help you understand if prospects and clients have the message they need to navigate your business.
As we said, turning your scorecard into a true asset for your business is a journey, but it is a journey worth taking. Starting to measure is the first step. This lets you have a baseline, allowing you to evolve your scorecard and take proper action to improve your people, processes, or message.