Leveraging Data to Drive Business Decisions: The Key to Sustainable Success
The Fear of Numbers
As entrepreneurs, it's easy to get caught up in the emotional aspect of running a business. When things are going well, we love seeing the growth percentages and engagement rates. However, when the numbers aren't moving in the desired direction, it can be disheartening and cause us to internalize the results. This fear of confronting the data can lead to avoidance, ultimately hindering our ability to make necessary changes and improve our businesses.
Shifting Your Mindset
To overcome the fear of numbers, it's essential to shift your mindset and view data as information rather than a reflection of your self-worth. Numbers are not an indication of your value as an entrepreneur; they are simply tools that help you understand what's working and what's not. By adopting a curious and analytical approach to data, you can gain valuable insights into your business and make informed decisions to drive growth.
The Power of Real-Time Information
Tracking your KPIs in real-time allows you to identify trends and make timely adjustments. When you notice that certain metrics are not trending in the desired direction, treat it as a yellow flag—a warning sign that you need to change course. By continuously monitoring your data, you can adapt and pivot quickly, rather than waiting until your pipeline has dried up to realize something is amiss.
Cultivating Curiosity
Cultivating a sense of curiosity is key to leveraging data effectively. When things are going well, ask yourself why. What strategies or tactics are contributing to your success? How can you replicate and scale these positive results? Similarly, when faced with challenges, approach them with a curious mindset. Instead of getting stuck in a cycle of self-doubt, ask yourself how you can turn these obstacles into opportunities for growth and improvement.
Mining for Gold
Data is a goldmine of information waiting to be discovered. Every interaction with your audience, whether through sales calls, client conversations, or social media engagement, provides valuable insights into consumer behaviors and preferences. Pay attention to your email open rates, subject lines that resonate with your subscribers, and the types of content that generate the most engagement. By analyzing these data points, you can refine your strategies and better serve your ideal clients.
Making Strategic Investments
When armed with data, you can make more informed decisions about where to invest your time, energy, and resources. Instead of trying to be everywhere and do everything, focus on the platforms and strategies that yield the best results for your business. Use data to weigh the pros and cons of potential investments and determine which options are most likely to move your business forward.
Conclusion
Embracing data as a tool for growth and success is essential for entrepreneurs who want to build sustainable businesses. By shifting your mindset, cultivating curiosity, and leveraging real-time information, you can overcome the fear of numbers and make data-driven decisions that propel your business forward. Remember, data is not a reflection of your worth; it is a powerful ally in your entrepreneurial journey. So, dive into those numbers, get curious, and use the insights you gain to create the impact and success you desire.
Episode Links
🙋♀️ Ask me anything! I know you have a burning business question you would love to ask. Submit your question here for a chance to have it answered on a future episode.
❌ Don't buy my Bestselling Book, The CEO Method: An Entrepreneur’s Guide to Business Success because I want to give you a FREE copy. Click here!
Transcript for Episode 344. STOP Making This Mistake in Your Business!
Amy [00:00:02]:
Are you leveraging data to drive your decisions in your business? This is always one of the very first things I address when I'm working with fellow entrepreneurs. We really dive into the data that is what builds a sustainable business, is taking that data that we gather and using that data as information to catapult us towards the success that we desire higher. The other day when I was working with this particular client, we were talking about numbers. And I go, okay, have you looked at your data? Have you been tracking those KPI's, those key performance indicators? And she looked me dead in the face and goes, no. And I asked her, okay, why? Why haven't you been tracking your numbers? And her answer was, heartbreaking. But it's the reality for so many entrepreneurs why we're not using data, data to drive our decisions. And her answer was as follows. She's like, you know, when things were great? Yeah, I loved looking at my numbers.
Amy [00:01:13]:
I loved seeing the percentage of growth that I was achieving. I loved seeing how many people were on my list, following me, engaging with my posts, all of the things she goes. But when the data wasn't moving in the direction that I had hoped it would move, it really caused me to get into my head. And this is the reality for so many of you listening to this, that we're almost afraid of the numbers in a way, and I don't say this to be harsh, brash, whatever you want to, however you want to call it, but that's the reality. So many entrepreneurs aren't tracking their numbers because they're internalizing it. They're making it mean something about them. But at the end of the day, I want you to zoom out and think about it this way. Data is just information.
Amy [00:02:06]:
It is information that you can use, really, to expedite your results. Because what it does is it creates that curiosity, it creates that awareness. So now you know exactly what's working and what's nothing. Not. I think a lot of times when we're seeing those things that aren't working, it's actually really valuable information. And this is a mindset shift that you have to make when things aren't trending in the right direction. This is your yellow flag going, hey, warning, warning, we're on the wrong path. We can change course.
Amy [00:02:47]:
We can adapt and move and pivot on the go versus six months down the line, suddenly your pipeline's dried up and you're going, I don't know what's happening now. We have that information in real time. So when you're seeing those trends not trending in the direction that you want. This is a beautiful opportunity to get curious. Likewise, when things are actually really good, I still want you to get curious and ask yourself, okay, why is this working? How am I doing this? How am I achieving these results? And how can I do more of this? Because consumer behaviors are changing all the time. Buying patterns are changing all of the time. Anytime we're selling, we're getting valuable information with each person that we talk to. Whether this is on sales calls, while you're on calls with clients, whether it's engaging with others in social media.
Amy [00:03:49]:
We are getting this awesome, awesome information. Even your emails, this can be a goldmine of information that you're missing out on. I want you to start getting curious and asking yourself, okay, let's track the open rates for different subject lines. What is really connecting with the people that are already in my audience? Develop that lens of curiosity and it is eye opening. And realize that when the data is not trending your way, that's okay. That literally means nothing about you. And this is a reminder that we all need to hear over and over and over because we're stuck in the cycle of external validation. We're basing our worth off of some stranger on the Internet, our likes, our comments, our shares, our engagement, all of those things.
Amy [00:04:44]:
But at the end of the day, I want you to use this as information. When you strategically leverage that data to drive your decisions, then you become proactive versus reactive in your business. And this is so, so critical. This is critical because what that does is then it helps you make even better investments when you're considering. Okay, am I going to invest in place a or place b? Weigh your pros and cons. What is the data telling you that would need to be the next investment to move your business forward, to keep you growing? That business and data is more than cash flow. It is more than how much profit and loss you had and how much overhead. We are talking about all of those amazing opportunities.
Amy [00:05:39]:
Even look at yourself, flip the script and go, what emails am I drawn to open? What posts am I drawn to engage with? Get curious. This is an opportunity right in front of your eyes. Because when you are intentional with your focus, where you are investing your time and energy, that's when you amplify your results. It's not about doing all of the things, all of the time being on all of the platforms, we seem to be on this constant quest for more. But at the end of the day, it's not about more. It's about being in the right place for you and your business. Where is your ideal client at? Show up there so often we're thinking that social media is the only way to grow your business. No, no, friend, a lot of times, if you have a local service based business, social media should be at the bottom of the barrel of places that you're focusing your time and energy.
Amy [00:06:48]:
You really need to have that clear understanding, and this is what the data does. So if you find yourself getting into your head, stuck on that cycle of, like, analysis paralysis, and I just don't know what to do next because nothing's working, get curious. Flip that script from looking at those limitations. Flip those limitations. Flip those areas where you're not getting the results that you want. Flip the script and ask yourself, how can I, how can I make this work? Turn those challenges, turn those obstacles into opportunities. They're all around us. They're right there waiting in plain sight for you to find them.
Amy [00:07:41]:
And this is what leveraging the data does. So, friend, if you are listening and going, I am so stuck in it, I don't want to see what a failure I am. First of all, you're becoming aware. Awareness is step one. And then we can acknowledge, we can acknowledge that, you know what? I feel this way. I feel this way about my results, and I don't like it, and that's okay. But then what we can do is we can analyze that information and assess opportunities for improvement again, figuring out what's hiding right there in plain sight, and then act, get into action and implement using the data. I am here cheering for you.
Amy [00:08:33]:
And until next time, cheers to making the money you want so that you can create the impact you desire.
Comments