Not a member?

The Power of Your Company Scorecard

APPLE PODCAST | SPOTIFY | YOUTUBE

Welcome back to Five Minute Friday! Today, I want to share a powerful strategy that has significantly impacted how I run my business at the Boutique Hub and how I’ve coached countless members through our Mastermind and Retail Bootcamp programs. The topic of today’s discussion is the company scorecard—a simple yet transformative tool for measuring success.

The Power of Your Company Scorecard

What is a Company Scorecard?

Several years ago, my husband Eric and I embraced the Entrepreneurial Operating System (EOS), which is based on the book Traction by Gino Wickman. One of the first steps we took after hiring an EOS consultant was implementing a company scorecard. This tool became an essential part of our operations, providing a clear framework to assess our business’s performance.

So, what exactly is a company scorecard? Imagine you’re on a beautiful vacation, completely disconnected from your business. The only way to gauge your company’s performance is through five key metrics you receive weekly on your scorecard. Each week, the metrics will show you whether you’re on track (green) or if there are issues that need addressing (red). This scorecard becomes your lifeline, helping you decide if you should extend your stay on that tropical island or return home to address any urgent matters.

Why You Need a Company Scorecard

As a business owner, it’s crucial to shift your mindset from being merely an entrepreneur to becoming a CEO. A CEO values time and focuses on building a business that provides freedom rather than a never-ending cycle of hard work. The best way to achieve this balance is through a company scorecard.

When creating your scorecard, consider the following:

  1. Sales Alone Isn’t Enough: While sales figures are essential, they are lagging indicators that reflect past performance. They won’t predict future trends.
  2. Identify Leading Indicators: Focus on metrics that will help you gauge future success. For example:
    • Average order value
    • Website traffic
    • Customer acquisition rates
    • Customer return rates
    • Conversion rates

Implementing Your Company Scorecard

I encourage you to start your own company scorecard. This process can be as simple as creating a spreadsheet where you track your key metrics weekly. Many retailers in our Retail Bootcamp have experienced enlightening breakthroughs after implementing their scorecards. They often report feeling overwhelmed or behind but, upon reviewing their numbers, realize they’ve had a great week.

The quote, “only a tracked number grows,” rings true here. When you don’t set specific targets, it’s easy to float aimlessly in your business. Having a scorecard allows you to measure your success against quantifiable goals rather than emotional highs and lows.

Making Your Scorecard Work for You

Once you’ve established your scorecard, it’s essential to incorporate it into your team’s operations. Train your team to be accountable for the metrics that matter. Here’s how:

  • Hire, Train, and Fire Based on Metrics: Ensure every team member has a metric tied to the company scorecard. This alignment creates clarity about their roles and expectations.
  • Foster a Winning Team Culture: By consistently tracking progress, everyone on your team knows what game they’re playing and what they need to do to contribute to the overall success of the business.

Conclusion

Creating and maintaining a company scorecard can help you achieve a better work-life balance and foster a culture of accountability within your team. It empowers you to stay informed about your business’s health, even while you enjoy that vacation on a beautiful island.

I challenge you to take action and start your company scorecard today. If you’re part of our Retail Bootcamp, continue utilizing the scorecard you have access to. This way, you can rest easy, knowing your business is on track.

In This Episode

Pedal Retail Advisors 

Let’s Connect #AskAshley

  • Have a question or guest recommendation? Let us know your feedback directly here!
  • Do you love the Boutique Chat Podcast?! Subscribe to our podcast and after that, leave us a review on iTunes Apple Podcasts here!

Must Have Resources


Recent Posts:

  • The Power of Your Company Scorecard
    Welcome back to Five Minute Friday! Today, I want to share a powerful strategy that has significantly impacted how I run my business at the Boutique Hub and how I’ve coached countless members through our Mastermind and Retail Bootcamp programs. The topic of today’s discussion is the company scorecard—a simple yet transformative tool for measuring success.
  • How to Get Ready for the Holiday Season! 
    Q4 is what I typically refer to as the Holiday Bliss of retail! We all start the season very hopefully for a bigger quarter that could potentially result in record sales for our businesses. Yet, we can easily overlook the importance of having a solid plan to make the busiest time of the year, also the most profitable time of the year.
  • The Power of the Pivot: Navigating Big Shifts in Business
    Recognizing when it’s time to make a shift in your business is key when it comes to building a long-lasting and successful career, and my guest today is a testament to that. Lori Harder has built incredible things, overcome the odds, and shown how to pivot and reinvent your personal brand and business in an effective way. In this episode, she shares from her own experiences and difficult leadership moments that have allowed her to pivot successfully.

JOIN THE LARGEST & MOST TRUSTED BOUTIQUE RETAIL COMMUNITY IN THE WORLD.

Never grow alone. Join the community that gets it.

Skip to content