Discover what to do next in your business.
Here’s the closest thing we’ve found to a crystal ball that can reveal the best next moves in your business to elevate profits while tailoring your marketing to meet your audience’s needs. It’s called the Quarterly Scorecard and it goes a little something like this.
1. Start by scheduling an all-hands-on-deck meeting.
Notify your team that they’ll be asked to share their ideas. Don’t surprise them. Get their brains brewing up ideas beforehand. Cooperative competition breeds out-of-the-box ideas, so consider a bonus or incentive for the originator of winning ideas.
2. Prepare a spreadsheet to organize, evaluate and prioritize ideas.
Or, make it easy on yourself and use the Quarterly Scorecard that we’ve used to move our clients from six to seven figure businesses for the last decade. It comes pre-loaded with the tabs you’ll need for the process.
3. Ask the entire team for any and all profit-generating ideas (no matter how random or off-the-wall).
List them on the Quarterly Scorecard, taking the time to collect all of the following:
A clear description of the idea
A hypothesis for what it would provide or solve
An estimation of the investment needed to bring the idea to life
What would be required of the team to make it happen
4. Release all team members from the meeting except the brand leader(s) and the executive team.
Assign 5 votes to each person remaining. We use Post-It notes as vote indicators. Each person posts their votes to the ideas they believe in most.
IMPORTANT: People can cast their votes on 5 different ideas, put all 5 toward one idea, or any combination that reflects how they would prioritize the expenditure of money and team time on the ideas generated. The five ideas scoring the most votes are then transferred to the Big Ideas tab in the Quarterly Scorecard.
5. Rate each Big Idea based on its potential to cause growth in 5 areas: acquisition, activation, retention, referral, and revenue.
(Shout out to Dave McClure for distinguishing these crucial areas!) Assessing based on all five factors gives you initiatives across the board rather than only in the top of funnel sections of your marketing. Most brands screw this part up, focusing only on acquisition and failing to build connection for ongoing sales!
6. Finally, evaluate each Big Idea using three crucial questions.
What is this idea’s potential impact?
How confident are you in the execution of this idea?
What level of ease or difficulty do you anticipate in executing the initiative?
A combined score is generated for each opportunity that makes your next moves crystal clear.
7. Create and Assign Action Items.
All that’s left to do is to task out the to-do list for the winning projects and you’re ready to work the best of your Big Ideas. Here at Launchr.co we use Asana (our fave task management software).
Brands don’t fail from having too few ideas, they die from exhausting their resources on too many!
You can END ENTREPRENEURIAL ADHD and get laser focused on what works!
