Running a business is an undertaking task. Business owners face challenges daily, most of which are internal. These challenges range from product and service debates across projects. Sometimes, there is friction within, and at other times across, divisional silos. The list goes on.
Measuring what matters, and sharing those measurements, can help businesses overcome these challenges. That’s what we will discuss in this blog.
Importance of Measuring What Matters
At LeadScale, measuring what matters has been one of the major undertakings of 2023. We gather our management team weekly to improve transparency and discuss the measurements that matter. This practice leads to greater clarity and alignment among teams, an essential requirement for business success.
So, how does measuring what matters help LeadScale in the long run? To help us, it must help our clients. The better question is: how does measuring what matters help Leadscale deliver better services and solutions to our clients?
Firstly, it reduces internal friction and frustration, making it easier for teams to work together. The greater internal understandings translate directly into a better customer experience. We now have that little extra time to look after our customers and deliver an improved experience. We understand the impact of delivering their requirements on our colleagues. We picture our imaginary enemy struggling with internal friction and debate. At the same time, we are clear on the best next actions to take.
Secondly, measuring what matters helps us to find areas where improvements are needed. By taking a good honest look at the data, we can find areas where we are doing well and areas that need improvement.
This helps us focus our efforts on areas that matter the most and distribute resources accordingly. And that, of course, turns into improvements for our clients too. It is still all about output quality for us.
Finding Important Trends and Reacting
Measuring what matters also allows us to find trends affecting our business. For example, by measuring the number of elements to each campaign (we call the jobs) created, we have seen a significant rise in the granularity and complexity of client requirements. And this has been borne out in the statistics. The information we use to make staffing and resource allocations is not anecdotal. It is measured.
In another example, we measure the number of new followers, engagement rates, impressions, and unique impressions we earn from our content. This, in turn, informs us about the best types of content to produce to maximize the relevance of our content to our clients.
This blog post about measuring what matters was written because we know many of our audience are interested in following how we develop the LeadScale business.
Encouraging Involvement Across the Business
Measuring what matters can also encourage involvement across the business. When employees understand the impact of their work, they are more likely to take ownership of their work and strive for excellence. This leads to increased employee engagement and motivation.
(I wrote a little more about the importance of psychological ownership recently – linked here)
We take transparency very seriously. Therefore, at LeadScale, we regularly share our measurements with all employees, not just the management team. We periodically meet in town halls and share all measurements with the LeadScale team.
Sharing numbers with the team helps them understand their work’s impact on the business. It encourages them to take ownership of their work. We share the revenues, margins, profitability, cash flows, and the best next actions we intend to take to grow and improve.
Conclusion
At LeadScale, we are a walking example of how measuring what matters can help any business to run smoothly. We focus their efforts and distribute resources by finding areas that matter the most.