Traction: A Simple System for Small Business Growth
Gino Wickman’s “Traction” and its Entrepreneurial Operating System (EOS) offer powerful tools for increasing small business profitability. One key element of this system is the weekly scorecard.
Understanding Weekly Scorecards
A weekly scorecard is a set of real-time metrics that track your small to midsize business’s progress or regression. Unlike traditional quarterly or annual reviews, this tool allows for immediate adjustments.
Key Features:
- Real-time tracking
- Key Performance Indicators (KPIs) for leadership
- Individual accountability for team members
Implementing Effective Scorecards
- Choose Measurable Metrics: Example: 53 widgets produced per week
- Green: Exceeding target
- Red: Below target
- Keep It Simple:
- Use clear, universally understood numbers
- Avoid “soft” or ambiguous metrics
- Focus on Essentials:
- Limit to 3-4 key indicators per department
- Regular Review:
- Weekly team meetings to discuss performance
- Analyze reasons for success or shortfall
- Plan improvements for the upcoming week
Benefits:
- Immediate problem identification
- Enhanced team accountability
- Data-driven decision making
Implementing a weekly scorecard can significantly impact your small business’s efficiency and profitability. Consider adopting this straightforward yet powerful tool to drive your business forward.
Ready for more?
Subscribe to our newsletter, listen to our podcast, or follow us on LinkedIn and Facebook
