Therefore he introduced the new improved goals for everyone back in March. Already now he can see a positive trend: the team is pulling in the same direction with less confusion and prioritize the goals in a different way. These individual goals and KPIs are connected to the goals of the company, which Mattias talks about in this episode.
The BHAG (big hairy audacious goal) for iGoMoon is reaching revenue of 10 Million euros by 2030. Another more short-term goal is revenue of 3 Million euros by 2023. Besides these growth goals, there are KPIs to follow up on those. In the episode we talk more about it.
The main KPI (the North star) is contracting retainers to customers, which is also the key to making the business scalable. This KPI is connected to the Hedgehog principle. This principle is about doing one particular thing better than anyone else and can best be described with three overlapping circles containing the three questions below.
- What are you deeply passionate about?
- What can you be the best in the world at?
- What drives your economic engine?
The first question Mattias answers with keeping iGoMoon’s brand promise: happy customers above all else. In addition, living the company’s purpose statements means he wants to inspire the customers to grow better. They are connected.
Being asked what iGoMoon could be the best in the world at, he responds: creating successful growth partnerships together with the customers. iGoMoon does this by being quality assured by HubSpot, keeping up to date on the latest Hubspot tech, and delivering crisp service. This leads up to contracted retainer-customers. These partnerships are the key to both iGoMoon’s profitability, long-term scalability, and cash flow.
The economic engine
The economic engine is driven by the goal of having a lifetime profit. This KPI is calculated by subtracting the average direct costs from the average monthly retainer revenue and then multiplying by the average customer lifetime: (revenue value – direct cost) * amount of months customer stays.
🔗 LINKS & THINGS MENTIONED IN THE VIDEO
Book “Scaling Up” by Verne Harnish:
💡 EPISODE TAKE AWAY:
It is really important that every employee feels connected to the vision and direction of the company.
What is your thoughts?