Episode 64 - The Importance of KPIs with Jack Tompkins

HIGHLIGHTSWhy do we have to analyze leading indicatorsSharing favorite metrics to analyzeImportance of being a data-driven companySharing of client storiesData Visualization Tools (Google Data Studio, Excel, Tableau)How to identify or choose the right KPIs to measurePrimary and Secondary KPIsQUOTESJonathan: “People don't like us that we're analysts, you know, that we're analytical that we want to know. Too many small businesses just focus on the profit and loss and just like, am I making money and and like, that is missing the boat.”Jonathan: “We have to know what the leading indicators are. And these are why we use KPI so we can know how we're doing.”Jonathan: “And so it's one thing a lot of business owners, entrepreneurs, leaders, they look at indicators. And they focus on sales and marketing indicators only. They don't focus on operating metrics.”Jack: “So that's kind of when I'm not like trying to convince anybody, just when I'm talking about it, like, Hey, if you invested in a dashboard, or if you became a bit more data driven, let's say, at the very, most, maybe it's five grand, maybe it's 10 grand, or something like that. But if that helps you save 15 grand, or make better decisions, you make an extra 20 grand or something, the ROI is kind of a no brainer.”Jack: “I know it's kind of a new agey type thing in sports. It is not that new agey in business, it is how successful businesses have been running for a long time. It's now kind of trickling but trickling down into the small businesses and entrepreneurs and becoming a lot more accessible there, which is the whole point of my business, but also just really exciting for the industry in whole.”Jack: “65% of people are visual learners, but I would guarantee that 100% of people, if they look at their scorecard and they see a big red down arrow or a big red square, that is going to be a red flag to them and they will look closely at it.”To connect with Jack, check out the links below: LinkedIn: https://www.linkedin.com/in/jack-tompkins/Website: https://www.pineapplecf.com/If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.