Here's the #1 metric I want you to focus on in 2022.
My friend Ron Friedman has a cool saying...
Our brains love numbers.
Think about how much focus people put into...
Their age.
The number of likes they get on a post.
What their raise or work ratings were last year.
Yes, we focus on numbers.
Especially when they quantify something about us.
We can tap into that and leverage it.
We can create metrics that motivate.
Here's my #1 metric that can help people get better at BD. My recovering actuarial brain came up with it about 10 years ago.
And I track it religiously.
It's called the GrowBIG Index.
Super simple:
Write down the number of dollars you brought in last year.
Write down the number of hours you spent on business development.
Divide the dollars by the hours.
That's your GrowBIG Index.
(Note this is best calculated annually–the number bounces around too much to look at it more frequently.)
The results are incredibly interesting!
This is your effectiveness at BD. Your throughput per hour spent on growth.
Calculate yours right now. I'll wait.
Got it?
You're probably wondering—what's the right answer?
You guessed it. It depends.
It depends on how big your contracts amounts typically are. And how far along you are in your career. There are lots of variables, and no "right" range.
I've seen numbers as low as $500/hour for people just starting out to as high as $50,000/hour for experts at the top of their game who work with large contracts.
The key to success?
It's not where you're at now.
It's improvement.
I'll give you steps to improve your GrowBIG Index below.
But in the meantime, I've got more value for you!
OK, so how can you use your GrowBIG Index?
Here's what you need to succeed:
Measure it.
Whether you're at $500/hour or $50,000/hour, you need to know where you're at.
If you don't know your numbers, that's OK. Give it a guess. Having a ballpark is still helpful.
You'll improve what you track. This is the one number that tracks your overall BD effectiveness.
Increase your effectiveness.
What have you done the last few years that has worked? How can you increase the aggregate number of successes? The size of them? The percentage chance you'll succeed?
Do more of what's working.
Shed what's less valuable.
Let's say your GrowBIG Index is $10,000/hour.
Ask yourself: What am I doing that's worth less $10,000/hour?
I'll bet it's a lot!
Get rid of that stuff—automate, eliminate or delegate.
Be ruthless about your time.
Remember: You have to cut to climb.
I just love the GrowBIG Index.
I can't think of another metric that better measures your BD efficiency.
It'll get your number-loving brain focused on three key metrics:
How much you brought in.
How much time it took.
How efficient you are overall.
Once you've got it measured, you can improve it.
Yes, our brain loves numbers.
Pick this one to love. Then measure it once a year. A new calendar year is the perfect time. Like, today.
And no matter where you're at with your GrowBIG Index...focus on improving it.
So then next year at this time...
You'll love the number.
ps. Here's a pro ninja tip. Build this into your next big meeting. Have everyone in your entire practice area/regional office/client team calculate and share your GrowBIG Index. Sharing across a group is incredibly insightful and motivating!
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