False Business Metrics - Set Your Own Bar (4m 57s) - Association Hustle Podcast Episode 304 - The Moery Company

Square Podcast_2021–11-5 Episode 304 - False Business Metrics - Set Your Own Bar

 

 

Founder, JP Moery, talks about false metrics, or questions we ask of businesses that aren’t relevant to their optimal performance and success.

 

 

 

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Hello and welcome to JP Moery’s Association Hustle Podcast. Founder of The Moery Company, JP’s mission is to arm today’s associations with insight and strategy to thrive and a progressively complex and competitive business landscape. 21st century associations must move forward with a little bit of hustle and revenue development at their core.

Here’s JP.

I went through this during my incredible journey of growing a business and how people would assess us. I’ve pulled together false metrics that we had asked us.

1st False Metric: how many employees do you have? 

What an antiquated system of evaluation. First, we’re hiring fewer employees, we have more consultants and 1099 in all our organizations than ever before. There seems to be a risk involved with dealing with a small operation. We’ve lost some business because we were not as big as some of the competition, but I can guarantee you small and nimble can be much more effective and less bureaucratic. I can guarantee you that some of the smallest single entrepreneurs or solo entrepreneurs do the best work in the business.

2nd False Metric: where’s your office?

Many people in the association business have this infatuation with K Street or Washington DC. I watch associations all the time, I’ve worked with great ones, and I’ve worked with not so hot ones. Where they’re located or what their addresses are has nothing to do with the value they bring to the organizations that they serve.

3rd False Metric: how much sales activity did you have?  

I was a big fan of a lot of activity for a long time in terms of sales, but I changed my mind when I started looking at the data. If you don’t hustle and stay engaged enough with prospects, you will lose them. That is a major problem and challenge for most companies and associations, they don’t have enough activity. It’s quality engagement, quality hustle, it’s good reps that are most important, not how many actions you had this day or that week.  

4th False Metric: how much money did you raise? 

In the entrepreneurial world, it’s a big quote, “we raise X amount of money in our series” or whatever it is. What people realize is that you’ve just given away a portion of your business, when you raise money or when you get funding. In fact, you’re working for those people, you’re working for them. Isn’t that why you got into the entrepreneurial game in the first place, so you could work for yourself? So, if you want to work for someone else, don’t become an entrepreneur, don’t take funding. I’m a huge fan of bootstrap.

Again, how much money did you make? Not a relevant question because it doesn’t reflect your culture, the joy you get from working and collaborating with the teams and the clients. It’s a less relevant measurement and metric than ever before. And believe me, I’ve been through both sides of that. It had nothing to do with the happiness and the joy I had on the job.

The final thing I want to mention to you is to be thoughtful about what you want to measure, your core goals, your core values, etc.  The way you set up your team and what they think the measurements should be our most important. Then you have to see if that matches up to the marketplace.

I hope this content was helpful to you. I love bringing it to you. I can’t wait to chat with you next week on the association hustle.

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We hope you enjoyed this edition of JP Moery’s Association Hustle Podcast. We’d love to connect with you. Check out our blog at moerycompany.com and subscribe to our weekly newsletter. You can also connect with JP on LinkedIn and Twitter at @JPMoery, as well as The Moery’s Company’s Instagram and Facebook page

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