Recently, my office bought me something that I'd been wondering about for quite a while.  A FitBit.  So what's a FitBit?  It's a wearable technology that helps you track your activities. This technology is expected to be a huge growth industry over the next two to three years.  The fact that it comes in several different styles any of which are worn on the body, essentially allows you to track how much you move over the course of the day and populates the data into your computer or smart phone so you can follow your progress over time, serves as a great motivator to get and remain active.  But here's what I like best about it; it doesn't try to do too much but only what it's meant to do.    That's been the biggest lesson that I've taken away from FitBit.  And boy, doesn't that certainly apply to business?

So where does FitBit come in when you care about commercial real estate efficiencies and technology?  Because the crossover lessons between the two are huge and quite simply, I believe everyone needs a scorecard.

Those of you who've been reading this column for a long time know that I'm a subscriber to FedEx's famous statement, "You can't manage what you can't measure".  So while having the FitBit as my companion for measuring my activity, it's a great reminder of why it's important that we continually track and measure what we do in our company.  And the biggest reminder is that not everything that can be counted counts.  What the FitBit tracks is simple and impactful.  I really wish I could say the same about the things that most of us track.   A lot of time and effort goes into determining the right business metrics. Measuring is important, but measuring what you need to measure and measuring it the right way is critical.  For me, the FitBit "fits the bill".  Basically, I use it to do just four things; tell me how many steps I've taken in the day, how many flights of stairs I've climbed, how many miles I've traveled and how many calories I've burned.  In the first two weeks I was really surprised by the consistency of my activity.  And while the system has lots of ways to interact with others who are also wearing FitBits and to track your progress over time, I find the on-demand flow of information that I receive whenever I want is very motivating.  It's simple and so I will do it.  It's the same with business metrics.  They have to be simple, otherwise people won't do them.  Don't you agree?

So what are some of your favorite business metrics?  What tool do you use to determine you are operating at full capacity or that those you manage are doing the same?  How do you know if your company is competing at the level that it should?  How do you know if you're gaining and maintaining a reasonable market share?  Do you know how you stack up against your competition?

I'm going to suggest that the most important measurement you can make is customer referral rates.  In years of selling, we've found there's no better return on investment than managing and measuring referrals.  It's an incredible indicator of how well you're serving your existing customers and it's the fastest way to convert prospects to new customers.  There's not enough space in this column to go into how to obtain solid referrals, but starting with the knowledge that it's an incredible measurement should get you pointed in the right direction.  And of course, it's not that we don't know referrals are what we need to be working on; just ask anyone the best way to grow their business and you'll hear "by referrals."  Just like asking anyone how best to improve their fitness, they'll tell you to eat better and exercise more.  The key is finding the right tool to help gauge and report.

I'm thrilled that my company bought me the FitBit.  I had no idea it would provide me with so many good lessons and keep me on track in ways I could not have imagined.  So what and how are you going to measure?