https://www.loom.com/share/33ae0f848bf047a09586ae5c781f08f6
"You can't manage what you can't measure." — Peter Drucker
The last piece of your Leadership Dashboard is the Key Metrics section.
This is your place to track things that are important to the growth and operations of your business as a whole—and to the progress of the projects you're currently working on.
Keep this section simple. 3-5 metrics are all you need to keep an eye on the most important piece of your business. If you want to track more, create a separate space for those items.
Focus on leading indicators but through a lagging indicator into the mix to help you make the connection between the work you're doing and the ultimate results you're looking for.
Leading indicators are metrics that predict outcomes.
For instance, if you're gearing up for a big product release, you might track sign-ups to an interest list. You might expect that for every 100 people on the list, 5 follow through and purchase your product. You can't know for sure—but the number gives you an indication of the results you can expect.
What metrics help you predict desired outcomes?
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/cf578583-7f7c-4f25-b347-ee9f70a1ca16/60.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/cf578583-7f7c-4f25-b347-ee9f70a1ca16/60.png" width="40px" /> Your Answer:
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Lagging indicators are metrics that tell you what's already happened.
For instance, sales and revenue are always lagging indicators. While they're helpful to measure because they help you see overall progress, they don't tell you anything about what's happening now or what will happen in your business.
What metrics help you quantify your success?
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/cf578583-7f7c-4f25-b347-ee9f70a1ca16/60.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/cf578583-7f7c-4f25-b347-ee9f70a1ca16/60.png" width="40px" /> Your Answer:
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Vanity metrics are metrics that tell you, well, pretty much nothing.
They have no direct correlation between your work and your expected results. However, vanity metrics are often numbers that are very easy to see and feed our pride... so they can be difficult to ignore.
For instance, the vast majority of social media metrics (for the vast majority of businesses) are vanity metrics. Even your email mailing list numbers can be vanity metrics if you don't have a way of tying them to desired business outcomes.
