The StrategeZe 100-Day ScoreCard (Sc100) uses four key building blocks to score your 100-day performance.
As a Certified Public Accountant working in the financial and accounting arena for almost 30 years and from my education and experience I have incorporated some basic accounting principles in the Sc100.
So, for those of you who are non-accountants here is a basic primer in accounting. Let’s look at basic accounting terminology:
Asset: things you own on which you can assign a dollar value.
Liabilities: these are amounts owed to others
Net Worth: Total Assets minus Total Liabilities
Revenues: what you earn for services/products provided
Expenses: what you pay for services/products you purchase
Net Income: Total Revenue minus Total Expenses
These are “account types”. Now let’s get a crash course on the basic financial reports:
A Balance Sheet reports your assets, liabilities, and net worth.
An Income Statement reports your revenue minus your expenses to show your net profit.
The Four Performance Building Blocks
The first critical premise of the Sc100 is that everything in the Universe has the FOUR account types.
Account types are not only applicable to business but you can take anything or anyone and discover that they have assets, liabilities, net worth, revenues, expenses, and Net Income.
The 4 account types are the building blocks of the Sc100. The StrategeZe Sc100 allows you to dig deeply into these 4 building blocks. The genius of the Sc100 is how it combines conventional financial metrics and non-financial real life metrics to develop your StrategeZe 100-Day Score.
Applying the Sc100 to these four performance areas is guaranteed to diagnose your last 100 days and provide 3 or more surefire strategies you can implement to make your next 100 days 30 – 50% better than your last 100 days
But how do you evaluate these 4 areas? How exactly do you apply the Sc100? Do I have to be an accountant or financial expert to use the Sc100?
Absolutely not! That is the beauty of the Sc100. Anyone can easily use the StrategeZe Sc100. Of course, we can provide assistance and guidance through either our online courses or through our virtual StrategeZe Sc100 Coaching & Consulting where you get 1 on 1 coaching for your business, nonprofit organization or for you personally.
Sorry, you didn’t think you were going to just read this eBook and not actually do any work, did you?
No worries, these are simple yet very critical assignments to help you come up with your StrategeZe 100-Day ScoreCard.
Assignment: List your Performance Building Blocks
- List your Assets
Non-financial assets are qualities, characteristics or intangible things you possess that are a benefit or value to you.
For example, if your business is in a high traffic area, your location would be an asset.
- List your liabilities
Financial liabilities are easy to quantify. Non-financial liabilities are usually obligations you have to perform or deliver goods, services or performance of something to someone.
For example, if I have committed to do a seminar for 500 managers every month for the next 12 months, then I would list this as a liability, whether it’s something I get paid for or not.
A liability does not mean something negative. Often when someone asks about liabilities they think of weaknesses or something negative. Liabilities are not always negative so keep this in mind when you list your liabilities.
- List your Revenues
Look at sources. So, for example if you are doing this for a nonprofit organization one of your revenue sources maybe Corporate grants from Apple or maybe if you were a small business owner you could list as one of your revenue sources Sales of XYZ. As an individual, you could list as one of your revenue sources as obviously, your job but think outside the box to skills and experience you have that can be used to generate income. For example, if you are a musician but don’t actually work as a musician, one of your revenue sources could be revenue from performing at weddings or events.
- List your Expenses
Expenses are easy to list when you look at financial expenses. You just look at your checkbook or credit card statement and see what your biggest expenses are.
Non-financial expenses are a little more difficult to measure. Think in terms of opportunity costs. An opportunity cost is the loss of the opportunity to do something if I do another thing. For example, If I have free tickets to see my favorite NFL team – Atlanta Falcons – play in the Super Bowl but I also have an invitation to the Whitehouse. Both events are on the same day and same time. So I have to choose one. Whichever choice I make will cost me the opportunity to go to the other event I did not choose.
If I choose to go to the Super Bowl, then I would say that the opportunity cost of going to the Super Bowl is the opportunity to go to the White House.
Think of the things you are NOT doing in your business, nonprofit organization, or your personal life. Things that you believe you should be doing or would very much like to be doing now. Then think of the things you are doing now which contribute to you NOT doing the things you would or should be doing now. These things are your opportunity costs.
When you list opportunity costs, list both the thing you lost the opportunity to do and the thing that most contributes to your inability to do the thing you would or should do.
Example, our current business location is an opportunity cost to expanding our customer base.
First key thing to keep in mind here is that in this section you want to look at “non-financial” PBBs. To keep this assignment manageable, begin with your top three assets, liabilities, revenues, and expenses.
Of course, you can list your top ten, top 100 or any number you want to list but for purposes of this assignment let’s start with your top three. For example, see my top three lists below:
My top three Assets
- Writing ability – I “own” the ability to write well
- 30 years’ experience consulting/training organizations on business performance.
- Doctor of Business Administration degree in Strategy & Organizational Leadership.
My top 3 liabilities are: (not weaknesses!!)
- Time- weekly time/appointment to consult with Client XYZ Inc.
- Manuscript – I owe my publisher my current manuscript
Top 3 Revenues
- CFO services
- Leadership, Strategy & Business performance education
Top 3 Expenses
- The time I spend doing volunteer work is an opportunity cost to doing more online course production.