Apple Watch Activity Tracker
Feedback is the most critical component of improvement. Getting good and timely feedback so that you can course correct toward your goal is how we advance. Getting feedback in time to make that course correction is what you need.
I was listening to a podcast that was talking about this issue and comparing the Apple watch to the Fitbit. The main point that they were giving to the Apple watch was this very issue, it gave you feedback while you still had time to course correct. It reminded you throughout the day of the actions that you needed to take to hit your goals. The Fitbit on the other hand reported after the fact whether or not you had met your goal. While this is better than having no goal or feedback, it wasn’t as useful as getting the information throughout the day and reminders of when you should be taking specific actions.
So are you getting the right feedback when you need it most? In time to make that course correction? If your accounting is an annual event that you only perform so that you can complete your tax return, I would say no. The year is over. No time to change anything. There are a few choices you might be able to make. Sure, you can reflect about doing things differently next year, but will you really? Chances are you will keep doing the same thing again.
Once a year reporting looks at your accounting function as a necessary evil that must be completed to comply with government imposed requirements. Yes, this needs to be done. But it provides you with little benefit other than the knowledge that you are in compliance with rules that are only important to keep you from having issues with government overseers. They have nothing to do with the ultimate success of your company. The success of your company is about how well you serve a need in the market. Therefore, the feedback you need is how well you are doing serving the market.
Just worrying about your tax bill keeps you focused on the wrong goal. So what metrics do matter to your business? And how can you establish the feedback loop and check-ins to keep you moving towards your goal rather than always looking back when it is too late to change anything?
Most businesses focus on revenue and growing revenue. Great. You need revenue. Usually more is better. However, revenue only matters to the extent that it is greater than your costs to produce that revenue. Profit is what matters, not just revenue growth.
Right behind the need for profit is the need for cash. Cash is always your most precious asset in your business. When you run out, it’s game over. You need to understand how cash moves through your business and what actions you can take to improve cash flow.
What are the other factors that really impact your bottom line? You don’t need to measure everything, just those key drivers. Trying to measure everything gets overwhelming and less likely that it will be meaningful. What are those key things that, if you improve them, your business will succeed?
The Apple watch has only three things that it measures. Move, exercise, and stand. If you can focus just on these three things everyday, you can make significant improvements in your health. Other things are important indicators too, like weight, blood pressure, cholesterol, and so on. But working on the basic three measures everyday, helps all of those other metrics automatically.
So what are your key metrics? And how can you set up check-ins on a regular basis so you can course correct before you have gone too far off goal?
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