20. Tracking Your Business Metrics – Developing Your Scorecard

FLN - Podcast

Host: Mo ElDeiry

In this episode of the FLN Podcast, the host reaffirms the mission of the Florida Lawyers Network (FLN) to help experienced attorneys and professionals build lasting connections. The episode focuses on the importance of networking for attorneys, business strategies, and particularly on the Entrepreneur Operating System (EOS) and its application in law practices. Key points include tracking business metrics, developing a scorecard, and identifying key performance indicators (KPIs). The host also announces exciting future episodes featuring interviews with prominent FLN members and the introduction of the podcast’s first sponsor. The episode concludes with motivational advice on goal setting and planning from Brian Tracy.

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Show Notes

Introduction:

  • Mo ElDeiry welcomes everyone to the FLN Podcast, expressing gratitude for both new and returning listeners.

Main Segment:

  • Recap of previous episodes on EOS fundamentals: Marketing, Sales, Operations, Financials, and Internal Administration.
  • Importance of identifying and committing to three to seven key goals (referred to as “rocks”) each quarter.

FLN – Message of the Day: Tracking Your Business Metrics – Developing Your Scorecard

  1. Focus on Data and Metrics:
    • Chapter 5 of the EOS book “Traction” emphasizes tracking data and key performance indicators (KPIs).
    • The importance of tracking numbers to gain objective insights and make informed business decisions.
  2. Creating a Scorecard:
    • Start simple and straightforward: focus on Marketing, Sales, Operations, Financials, and Administration.
    • Examples of KPIs: number of meetings with referral sources, total qualified leads, conversion rates, and weekly revenue.
    • Regular tracking helps predict future outcomes and improve business performance.
  3. Practical Advice:
    • Track revenue and total qualified leads weekly.
    • Establish a scorecard with the top 5-15 metrics to review every week.
    • Keep track of financials, including bank balance and revenue on a weekly, monthly, and quarterly basis.

Quote of the Day:

“Decide exactly what it is that you want. Clarity is essential. Write out your goals and objectives before you begin.” – Brian Tracy

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