Let’s say your production had a lot of spoiled goods within the last year. Figure out a way to not only count the spoiled goods, but also categorize them as to the cause. Then, you can implement changes and see how those changes affect the number of spoiled goods versus the number of products delivered to your customers.
On the flip side of things, figure out your biggest success and again pick out the right data point. For example, say you gained a lot of new customers within the last year. Determine how you got those new customers (social media, word of mouth, etc.) and then figure out how to do more of that.
At a minimum, measuring and managing your weakness and your best success puts you ahead of the competition. You can also keep going up and down the ladder on both sides to find the right mix of measurements to start planning new strategies.
-Aaron Montgomery, MontCo Consulting, 2 Regular Guys