As mentioned in our previous lessons, companies should ultimately be guided in their decisions by a “North-star” metric that defines the health of their business and growth strategy.
The North-star metric typical revolves around either growth or retention stats, depending on what stage your business is currently in. Not every business can scale indefinitely and sometimes growth isn’t always the goal, so don’t let that cloud your thinking.
Whatever your North Star Metric is, it will be supported by secondary, and possibly even 3rd level Key Performance Indicators (or KPI’s) which we will chat about more in the next lesson.
Making your North Start Metric visible on a consistent basis is extremely important. It may not fuel decisions on a day to day basis, but it will give you clarity on what you are working towards and will drive accountability within your work ethos.