Gut Feeling? Great! Now Back It Up With Data
By: A Staff Writer
Updated on: Jul 09, 2024
Gut Feeling? Great! Now Back It Up With Data
Intuition built your business, but data will scale it. It’s about informed risk-taking, not blind gambling.
Entrepreneurs are passionate, but passion can blind us to realities the numbers are screaming about.
- Know your KPIs: Sales, conversion rates, etc. – these are your business’s vital signs.
- Track what matters: Don’t get lost in data vanity metrics if they don’t impact decisions.
- Set up simple systems: Spreadsheets, basic analytics tools… start somewhere!
- Test and iterate: Marketing campaign flopping? Numbers tell you WHY, so you can fix it.
- Spot trends, not just numbers: Is revenue up, but profit margin down? That needs a deeper look.
- Learn the basics: Don’t be afraid of terms like ROI, churn rate, etc.
What’s one piece of data you WISH you had about your business?
Pick ONE metric to track consistently starting this week.