The Dashboard is often referred to as a scorecard.
According to “Traction,” the numbers on your scorecard should be weekly activity-based numbers. You want to avoid tracking the types of high-level numbers you’d find on a profit and loss statement. P&L statements are lagging indicators, and make it difficult to make corrections. Instead, these scorecards should tell you if you’re on track for a strong P&L
For example, it would be ineffective to measure revenue. But if you trace back how revenue is created, it often begins with a new lead. So a more effective measurement would be how many leads are created each week. This gives you the ability to make predictions and shows you how many new leads need to be generated each day.
The leadership team should sit down and come up with a list of categories that can be used to track a business’ progress on a weekly basis.
The categories can include items like cash balances, weekly revenue, weekly sales activity, accounts receivable and payable, customer dis/satisfaction, and more. There should be between five and 15 categories, and the closer to five the better. After all, you don’t want to overwhelm yourself with information.
Once the categories are identified you can create a dashboard or scorecard. Begin by deciding who is responsible for each category on the scorecard. This is the person who must deliver on that weekly number.
Decide what the expected goal is for each category. The goal numbers should be tied to your business mission or one-year plan.
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Dashboard