Data and analytics are all around us, especially in the digital age we are in today. We can find them in anything from our favorite sports to the nutrients contained in the food we eat. We rely on them to keep us informed, inspired, healthy and moving toward our goals.
Any failing business strategy, marketing plan or web promotion could be quickly diagnosed and turned around by simply reviewing the right report/dashboard at the right time. The insights from your reviews can pin point a problem early enough to enable you to make the necessary adjustments to your strategy to ensure your success.
Here is a simple example of this in action.
It is the same with a business strategy or marketing plan.
(photo of a watch)
Keeping Watch In Your Business
Wouldn’t it make sense to wear a second watch with your key business metrics on your wrist? Esp. during working hours? Think about it, interesting to see all the new innovations in wearable technology and watches….
Over the last few months I have gained a deep appreciation for the integral role that analytics and data play in the building of any business. The increasingly unpredictable world, makes it critical to develop the skill of tracking business performance through reports and dashboards so that you could get a better understanding of your business and its market. Know how to sell a business and find an exit in case of an emergency.
This will tremendously improve your decision making which will naturally improve your business planning and dramatically improve your chances of success.
Difficult Lesson For Me
This was a difficult lesson for me to learn and appreciate. I am an ideas guy and as long as I am breathing I am going to have a new idea. It has always been a challenge for me to understand which ideas to implement, which to hold back and which to discard. Its very overwhelming having so many different options to choose from, even more so because none of my advisors, mentors or influencers could agree on which ideas and concepts are best for my business.
However, after much experience aka many, many, many failed ideas and initiatives, I know that having good data and analytics is truly the best way to evaluate new ideas and plans your business.
Intuition Is Still Very Important
Let me quickly add that I appreciate the need to think on your feet. I think it is important to allow your natural instincts to help you overcome the daily challenges of business. This is especially important now that the pace at which we do business has increased and consumers are more demanding than ever before. I believe the key to this is good business analytics and insights to ensure you can make better decisions.
To battle the above problem, I track some of the following analytics to ensure I can better evaluate new ideas and opportunities.
- Hours of work per day
- Type of work done per day
- Completed projects
- Time spent on new ideas
- Number of Sales Converted
- Costs of Sales per Sale
You should pay more attention to analytics in your business and continuously measure your progress to your goals.
Interesting Analytics Event
If you are really passionate about growing your business, I would suggest you attend the Lean Analytics Workshop Featuring Alistair Croll during the TrepFest Weekend –
Which analytics have you been tracking in your business and why?