Episode 60: How To Determine The Key Performance Indicators That Become The Levers of Your Business

In Episode 59, I talked about when and how to start using Business Intelligence software in your business.  In this episode, I go deeper into the concept of leading indicators and give you a process for determining the key performance indicators that you can use to drive your business.

Topics Discussed (Time Stamped)

3:38 Recap of Ep 59: The Difference between Lagging and Leading Indicators
6:52 Six steps in finding the leading indicators
7:06 Step 1: Determine what is the important outcome that you want
9:13 Step 2: Research and look at the business process for how you get that outcome
10:24 Step 3: Find those early things that act as the lever to that outcome
13:06 Step 4: Find data that would back up your assumptions
20:22 Metadata
21:21 Step 5: Build your process
22:38 Step 6: Measure, monitor and refine
29:00 Toughest thing about sales
30:39 Reason why most entrepreneurs and businesses don’t do data analysis
32:40 Building good algorithm
34:08 Recap or summary of the steps in finding leading indicators

Quotes Worth Sharing

They are doing a lot of crunching and a lot of variables but it doesn’t know everything. Just like the weather, you can't predict the weather because it's too complex from a variable perspective Click To Tweet You have to spend some time working IN your business because if all you're doing is working ON your business, you will never get to the point where you have the levers that you can scale and grow your business Click To Tweet

 

Resources Mentioned

 

Thanks!

Thanks for listening and checking out the show notes,  any feedback, comments, or questions, send me an email at david@techsmartboss.com

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