Distill don’t Divine
We’ve been going through a process of establishing dashboards for the Voodoo Ventures companies that track metrics that drive the business.
The ultimate result of this initiative is to be data-driven in our decision making, increase accountability and speed up our learning cycles.
An inspiration for this being able to get to the One Metric level of clarity that Federated Sample has on what drives our business. I was asked the other day why we don’t just “pick our one metric like Federated did?”
I wish I could just divine the one key driver of our business… unfortunately I don’t have a startup divining rod.
The process of getting to the One Metric begins with tracking a lot of metrics. You manage what you measure, so in order to manage well, you need to be measuring drivers in your business.
Once you get into the rhythm of measuring, then you start to understand what the key drivers really are, what levers you can pull and what are correlated metrics what are causal.
Eventually, I hope to be able to distill that One Metric for our businesses, but its going to take the hard work to get there.