Tracking For Profits

Tracking For Profits

Tracking For Profits
If you can't track it, don't do it.
Every high-performance venture needs a​ tracking system .​
a​ tracking system with well-designed metrics lets everyone know how well they are doing relative to​ their commitments .​
It is​ a​ guide to​ whether additional or​ extraordinary actions need to​ be taken.
It is​ one of​ the first things I​ set up with my business coaching clients because without a​ clear set of​ objective metrics it​ is​ hard for people to​ be clear about their results.
Establish intentions for your project, figure out the critical success factors, determine suitable measurements for each, and set performance targets for those measures .​
For example, say your intention is​ to​ increase market penetration .​
The measure is​ your venture’s sales divided by total sales in​ your market .​
Perhaps your current market share is​ 10% -- good, you have a​ benchmark, and your new target is​ 25% by the end of​ the year.
That’s objective, measurable, and thus.. .​
Make someone accountable for your project’s performance against each target .​
Establish a​ timely tracking system for each metric, which easily gathers the necessary data .​
Develop periodic interim performance targets, and a​ reporting structure to​ let everyone involved know how they are doing.
Your performance tracking systems can be kept with pen and paper, or​ they can be automated on your computer system .​
However you implement them, keep it​ simple and don't let the overhead of​ your tracking system become a​ burden of​ any kind.
Below is​ a​ very simple system I​ used to​ keep track of​ my page output while writing Faster Than The Speed of​ Change .​
It was kept on a​ computer spreadsheet, but could just as​ easily been pencil on graph paper .​
Whenever I​ was below the line I​ had catching up to​ do.
Start with 0 in​ the lower left corner, write units of​ measurement along the left axis, and dates of​ measurement along the bottom .​
Draw a​ straight reference line from 0 to​ your goal, and plot your performance against that goal .​
Of course the reference line need not be straight; set it​ up in​ whatever way reflects the time-relationship of​ your goals.
If you want to​ find out how you can set up a​ performance dashboard and completely systemize your entire business to​ make it​ scalable and saleable link to​

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