If you want your company to reach and maintain predictable success, you need to make good decisions and implement what you decide consistently.
Occasionally your intuition will lead you to a great decision, but as your business grows, you need to depend much less on your gut and much more on data.
Companies that reach and maintain predictable success feed off of data-driven decision making….it’s what’s for breakfast….and lunch….and dinner.
The only way you can do that effectively is if you are crystal clear on how to measure progress within your organization.
If you have the proper data, you can uncover the problems you need to solve as an organization. Without it, you’re operating blindly….and that’s not a great way to run a business.
To help you get to the most critical metrics in your business, I want to introduce you to another Congruence Operating Grid called the PulseCard.
A PulseCard contains the 5-10 most important numbers for your business. These numbers are measured weekly and reported on during your BME (Best Meeting Ever). They tell us whether or not your business is alive - in other words, do you have a pulse?
Hence the name - PulseCards.
How do you develop a PulseCard?
First, you think through the 5-10 numbers or metrics that can be measured weekly that tell you how your business is doing.
Think of it this way, if you were in the Bahamas on vacation and the waiter came to you on the beach while you were sipping your mai tai, what numbers would you need to see to know your business was healthy? These numbers should be leading indicators, not merely past tense results.
Here’s what I mean by that. At Wildsparq, a leadership SaaS platform I co-founded, rather than looking only at closed deals each week, our PulseCard contained how many demos were set and completed during a given week. This helped us predict the future. We knew on average how many of those deals would turn into closes based on our average close rates.
If we only looked at closed deals, we would be looking backward and have to figure out what led to that. By looking at the behaviors that led to closed deals on our Pulse card, we could gauge if our sales strategy was working in real time. This allowed us to test and pivot much faster.
On your PulseCard, you want to determine the 5-10 leading indicators or activities that will get your business to the ultimate results you want.
For a financial services firm that implemented Congruence, we boiled it down to only three numbers. They looked at reach outs to new potential clients, client reviews of existing clients, and the number of new client meetings completed each week. It was simple, yet captured the activities that lead to the results they wanted.
Once we established those numbers, we broke them into three categories: Minimum, Primary, and Visionary. In other words, they had a minimum range, a primary range, and a visionary range of each of those numbers measured weekly. If a number fell below the minimum for the week, it was red. If it fell between minimum and primary, it was yellow. Anything between primary and visionary was green, and anything visionary or above was bright green.
We recommend looking at a 13-week window at a time - that’s equal to one quarter. At a glance, based on the colors, it’s easy to pinpoint the activities that are (or aren’t) accomplished at the expected level. You see the patterns and make adjustments.
At the end of each month and the end of the quarter, you review the results of those activities --- things like new deals they won, average deal size, and repeat business numbers. All of those things are the results of the leading indicator activity on the PulseCard.
You need to know if your business has a pulse. You also need the right data to make good decisions. By clarifying those few numbers, it will give you critical insight into how your business is doing in real time and give you and your team what you need to reach predictable success.
Be sure to download the PulseCard COG. It will help you determine which numbers are the critical leading indicators for your organization.
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If you would like to implement Congruence in your business, schedule a call to learn how today.