Measurement shows mastery

“Use data to put your business into a league of its own.”

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I recently attended our pitching for green workshops where entrepreneurs from the Fetola Circular Economy Accelerator were put through their paces. Investors were there to give guidance, whilst looking for good, sustainable, ‘green’ businesses in which to invest. Their feedback made for an interesting and highly informative day

What stood out was how entrepreneurs who shared specific performance data jumped into a category of their own. The commitment to measure their performance was immediate evidence of their professionalism. Those who showed for example, that 94% of their customers recommended them, or that they had a 23.7% water saving from their methods immediately made me sit up and take notice.

The ability to tell your business’ financial journey is critical. Showing how your financial performance has changed over time clearly shows that you both know what your performance has been, and that you understand how financial performance impacts business success. And be precise – R24,963 is far more believable than R25k.

For customers with a passion for social and environmental impact, your ability to tell that data story transforms you into a position of trust. Don’t just say you care – show where and by how much. Show that your packing is 92% recycled, that R1.20 in every purchase goes to staff welfare or that your farm is 83% powered by solar.

In short, the numbers you share show that you (really) mean business. They elevate you in the eyes of others. So, if you want to be recognized as a business to be trusted then be sure to measure what matters and make those measures visible.

As a last word, my own tips on performance measurement are:

Choose 3 simple measurements that make most sense to you and are easy to track and verify (less really is more!)
Measure them consistently
Review the results to improve your performance, and
Use these data insights to tell the story of why you are different

All the best for the week ahead - lets’ measure what matters and become masters of it.

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