One word can make all the difference. One word can change the tone of a sentence or even drastically change the intent of the message. We’ve all heard the saying “what gets measured gets done,” but historically the quote is attributed to Lord Kelvin and it is much more helpful, poignant, and accurate. Abbreviated, Kelvin said “what gets measured gets managed.” Why does this matter so much?
Well, first off, just because you measure something doesn’t mean it automatically ends up where you want it to. Measurement allows for the opportunity to manage based on the information or data provided back to you. Continuous management - assuming you’re measuring the right things - results in a higher likelihood of goal achievement. Why? Because as Ruth Henderson states in her Forbes article, “measuring something gives you the information you need in order to make sure you actually achieve what you set out to do.”
Business owners and entrepreneurs are the ideal persona to use this continuous interaction between measurement and management that Kelvin spoke about. Research shows “the ‘desire to win’ … is heightened when rivalry and time pressure coincide”. When pressure and a rivalry are present - within yourself or with others - you want to win and beat your goals. Absent measurement, you cannot determine whether you have won and, therefore, you have less motivation to win.
Building a business is hard and there is only so much time. Relying on feedback and creating built-in measurement so that you can manage accordingly allows a business owner to spend the time doing what they do best, while receiving a real-time report card along the way. That is why we have given you, the business owner, the power to set your valuation goals to measure and manage your most important asset: the business itself.
The “done” is simply the result. The measurement and management is the process that gets you there.
