5 Steps to Clarifying the Metrics You Actually Care About: Step 4

In this episode we’re digging into how to Step 4 of Measuring the Metrics that Matter: how to track data for those metrics and getting into leading indicators. In the past 3 Episodes we walked through the first 3 steps: 

1. Have clear, specific goals with timelines
2. For each goal, determine how you will know when it is “done”
3. Make a list of leading indicators for that goal – what actions are taken in pursuit of getting it “done”?

LISTEN SEASON 4: EPISODE 6

Now that you know what you want to do, when it is done and what actions show progress towards it, let’s break down how to get the data that allows you to see progress, or lack thereof, towards your goals.

Measuring Progress and Track Data – Leading Indicators

When it comes to “measuring progress,” there are many advanced and complex ways to track data and report it. While an automated dashboard may ultimately be desirable, it’s usually not the best starting point. I prefer the “start simple, get fancy later” approach. This saves time, energy, and money. If we build a complex system from the start, we’re likely to encounter unknowns that will require updates.

Starting simple allows us to learn and iterate with minimal effort. Once we have a well-defined and tested system, we can introduce automation or other support systems.

Gathering data presents another challenge. Knowing where to start and maintaining consistency can be difficult.

Let’s sync up on the purpose of this information: to evaluate progress towards goals and make real-time adjustments to stay on course. In other words, to connect the dots between efforts and their results.

What if there were a simple way to capture the data needed to check in regularly with leading indicators? There is!

Set up a Scorecard

The simplest version of tracking anything is to set up a scorecard. See – I don’t really even have to explain it, you can already picture a scorecard in your head – maybe yours looks like a golf score card or a bowling score screen, but the concept is straightforward. 

Definitely keep simple in mind when setting this up. A spreadsheet with a date column and a column for inputting the score for the leading indicator is really all that is needed. When setting up a scorecard, I recommend starting with just 1 or 2 leading indicators. 

Back to the example of leading indicators

If we go back to the leading indicators discussed in the last episode for weight loss, we might choose number of workouts & steps per week to track. In that case a spreadsheet would be created with the week number or date, a column for number of workout minutes and a column for number of steps. Then each week on Friday or Sunday the data can be entered here from a fitness tracker. I will also typically add the goal for each column in the title, for example Workout Minutes (target=90). Then each week progress can be evaluated and for the weeks where the targets are met, reviewing what enabled that. For the weeks when the target wasn’t met, evaluating what happened that prevented that from happening.

Need help or want a written guide for this? No problem, we’ve got you. Head over to fieryfx.com/5steps to download a worksheet to help you define the metrics that matter to your business and success.

Ready to start tracking metrics? In the next episode we’ll cover the final step of the 5 step process to Discover Metrics that Matter. Worried you’ll miss it? Do your future self a favor and subscribe to Leverage Your Spark on your preferred podcast platform. You can also subscribe & share at leverageyourspark.com.