I recently reviewed some detailed data and performance metrics with a client. The client was trying to make some hiring and restructuring decisions and needed to determine if time capacity and business demands justified new hires and how to structure the firm going forward.
The data told us tons of important information about the number and types of customers, frequency of customer interactions, revenue generated, receivables still uncollected, and year-over-year comparisons (thankfully showing significant growth).
This is the power of data in our businesses.
When we know the key indicators to track, when we track them, and when we compare them over different time periods, we can draw meaningful conclusions and make proactive decisions. We can be more strategic about getting ahead of trends and patterns and positioning our businesses to be even more successful.
When we fly by the seat of our pants every day, we willingly give up control over our forward motion, growth, and success. Data allows us to retain as much control as possible, and that is what improves our positioning and ultimate success.
I cannot emphasize this enough: it is critically important to track, review, and know our data. It tells us everything about our businesses, and the resulting ability to make significant progress is worth the effort.
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