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One theme consistent in Season 3 is the station's becoming your CGO - Chief Growth Officer for Hire, the underlying role of the Network. All of my shows: Growth Community, Building in Front of You, Your MLM Empire, Economics for Owners, the Self Managing Organization, Creating a Consulting Business, and today's Show Series "Your Virtual CGO" - centers on how to use the IBGR Network for business success.
Our relationship with the listening audience of entrepreneurs and owners:
That is what is meant by Looking at IBGR as your CGO - your virtual Chief Growth Officer so you can Live the Life.
Last week we tackled "GO SOFT BEFORE GOING HARD? - WILLIAM EASTMAN". This week we take the lessons learned from previous soft launches and make it the real thing.
LISTEN > ENGAGE > APPLY
Show Objectives - The WHY
Business Metrics are “standards of measurement” by which marketing, sales, service, production, people, and financial performance are assessed. The critical elements of any measurement system is to identify and separate cause from effect. Measuring “effect” is a macro view of the company based on a collection of “causes” or micro views.
What You Need to Know - The WHAT
What are Dashboards and Scorecards?
Dashboards and Scorecards are labels attached to the level of measurement being used. Scorecards represent micro measures (causes) such as average sales price while Dashboards (effects) bring Scorecards together to provide a picture of reality. An example of a Dashboard for Sales (based on average sales price) is margin per sale.
What is a Balanced Scorecard?
Publicly traded companies have been managed quarterly for centuries with the focus on share price. This measurement might keep shareholders happy but it did nothing for running the business. By the 1990’s business executives and owners looked for different methods of measuring financial performance. The reason - Financial Performance is the effect, not the cause of profit. You cannot fix profitability by focusing on profitability, you must treat the underlying causes which are not measured.
So let’s start our journey at the beginning, what are the causes of great financial performance? Today most business measurement systems use some version of the following formula:
C + O + P = F
Customers demands becoming Operational requirements built by People creates Financial Performance.
What You Need to Do - The HOW
We propose the following generic Dashboards and Scorecards to analyze how you are driving financial results. Use these suggestions to trigger more accurate measures for your industry.
Customers (Customer Enthusiasm) + Operations (Lowest Cost Producer) + People (Discretionary Performance) = Profit (Financial Performance)
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Make sure you leave some thoughts in the comment section below. I am interested in continuing the conversation.
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All IBGR Shows Notes are available for download