What gets measured gets done
This is Robert Haylor and this is another entry in my Marketing in Finance blog. I got home from work around 2 hours ago and have gobbled down a quick bite to eat before making my way up to my computer to write this weeks blog post.
So it’s been a couple of weeks since I last wrote on the Marketing in Finance blog. I’ve been tied up with sorting out a few server issues for the agency I’m involved with and have also been actively training for a 68 mile walk in June.
I’ll talk more about the walk later on.
Anyway, back to today’s blog post. Which is a bit of a recap of an article I wrote sometime ago for a network magazine and will go over some points which you will find of great interest and perhaps even consider implementing.
My first business book
The very first business book I bought was in 2016, it was called Traction by Gino Wickman.
Not to ruin the book, it outlined essentially an operating system that your business should be running on called, The Entrepreneur Operating System or EOS for short.
Within its pages it gives an entire framework from converting your business from being reliant on you, to being a catalogue of systems that work together to grow your business.
It introduces a variety of tools, one of which is called the Score Card. I still have one of these today.
I love data, I’m a big geek on the stuff, if its got numbers and I can make pretty graphs, or I can look at tables and see how well I’m doing then sign me up right now.
Metrics to track
If you don’t know how well you are doing at any one time of the day, week or month, then the chances are you’re going off track.
A score card enables you to break your yearly target into a quarterly target, a monthly target and then from there a weekly number that you need to hit.
But what should you be tracking?
When it comes to your financial firm, ideally you’re going to be wanting to track:
- How many prospects have you spoken to this week?
- How many of those prospects became leads? Or how many leads have you generated this week
- Turnover
- How many of those leads converted to become a customer
- Accounts payable
- Accounts receivable
At the start of your score card you will have the target figures, these are the numbers you need to hit each week to turn your yearly goal into a reality.
Introducing ABC Mortgages
They want to generate £40,000 in revenue for the year end, this works out at approximately £10,000 per quarter or £769per week.
So how is ABC Mortgages going to reach its target? How many people do they need to meet, speak with? How many prospects need to convert to active customers to turn that £769 figure into a reality?
Each metric within your score card is dependent on one thing, action. Whether that be sending out an email marketing campaign, attending networking events or hosting your own webinar.
The only way that your firm will reach those targets that are set on your score card is through daily and weekly action.
Not all businesses will have the exact measurable’s I have mentioned above. The measurable’s will change, depending on where your firm is in its business lifecycle.
Keeping track
One of the things I loved about the score card, was that after 12 weeks, a quarter, you will have a clear picture on how your firm is performing.
Is your firm on track to reach its year end goal? Do you need to ramp up your marketing?
If you are falling behind on your target, then the score card is going to reveal it. Burying your head in the sand at this point is just delusional.
The score card will most likely reveal how you are doing after the first 2/3 weeks of the new quarter. Giving you the opportunity to sit down and ascertain what is the reason behind not hitting your number and devise a counter measure to put you back on track.
A score card for your firm can really help uncover issues within your business before they become critical.
Don’t wait, create your own today using Excel and list your most vital numbers and track them every week for a quarter and see how you do.
That’s all I’ve got for you guys tonight. If you enjoyed this blog post and are interested in learning more about my journey into the world of financial services, don’t forget to signup to my free Marketing in Finance newsletter, I’d love to hear from you. Thank’s everybody have a great evening. Speak again tomorrow.