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The True Metrics of Progress
Manage episode 321549439 series 2886964
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In this episode of the podcast, Tim Francis joins Troy to talk about the true progress metrics for any business. Tim Francis is an expert in finance who helps businesses create and collect the cash they need to deliver great service by focusing on the four true progress metrics: free cash, market value equity, internal fulfillment, and external contribution. Tim explains why vanity metrics like revenue and number of customers cannot predict if a business will stay in business, and how to use the true progress metrics to gauge how your business is doing. Tune in to find out more.
Key Takeaways:
- Creating a great client experience is important, but every business needs to have the cash and funds to do that.
- As an entrepreneur, Tim made some business decisions that led him to have a negative net worth. His business seemed like it was thriving from the outside, but in reality, he was broke.
- Entrepreneur culture celebrates all the vanity metrics like revenue, clients, locations, etc. but that’s not true progress. In fact, those are some of the worst ways possible to determine true success and true progress.
- To master entrepreneurship, you need to realize that it’s a journey, not a destination.
- There are four true progress metrics: free cash, market value equity, internal fulfillment, and external contribution. Tim explains these four metrics and how he uses them to gauge progress in a business.
- Internal fulfillment doesn’t mean that every day is going to be happy.
- External contribution is about investing in your staff, in your team, in your customers, and even in your community.
- Revenue is an important metric to get started, but it’s not true progress. No business went out of business because of a lack of revenue. What actually allows a business to stay alive is cash, not revenue.
- Tim shares an example of how a business could have money but not actually have cash. It’s possible to have the right intentions but poor execution.
- What is Tim’s advice for people who think they need to have more customers to make more money and generate more free cash? There is a false belief that sales cures all but that is not true.
- You can’t play hard with cash. It’s important to take into consideration free cash before making any big decision. A cash flow forecast can help with that.
- Connect with Tim and learn from him through his three-day workshop Know Your Numbers.
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