Launching a business requires time to wait and see what’s working and what isn’t. In the beginning, your strategies are co-mingled with a variety of ideas and techniques as you figure out which benefit your business and your customers most. Some things work while others simply don’t. As your business grows, there always seems to be a new shiny object trying to get your attention and take things in a new direction. Should you pivot or should you keep things status quo?
Every Business Grows at its Own Rate
Setting goals and taking action are an important part of your strategic plan. Making decisions about products, growth, sales, and marketing are important. Sometimes you take risks and try new ideas that boost growth and other times growth slows down. Your business is unique and grows at its own rate but as it grows, you collect data that becomes extremely helpful.
Let Your Data be Your Guide
Data is purely information. Data is feedback that lets you know what’s working and what isn’t. Your fiscal data tells you where you’re making money and where you’re losing it. Your web data tells you where your traffic is coming from and what your visitors do when they reach your site. Your social media data indicates your engagement and helps analyze what posts and images get the highest reach and which fall flat.
Your data can help you make better decisions about your business and help it grow. Tapping into what’s already working is important when the data supports what you’re doing already.
Springboard from your Data
Paying attention to the data in all areas of your business can help you make informed decisions and take calculated risks that are more likely to pay off. Springboard from the data that’s positive and indicates what’s working. For example, if you discover your market consistently purchases a specific product, adding value to that product makes sense. Creating complimentary products for returning customers or investing in marketing that increases sales for that product could be a great strategy.
Don’t Fall for Shiny Object Syndrome
Studies show that 65% of businesses fail within five years. The fear of failure is real. Business owners are overwhelmed and bombarded with messages that they must keep doing new things in order to succeed, but sometimes the best thing to do is more of what’s already working. Your data can help you determine what’s working. Place your focus on what your unique data tells you and keep at it. Avoid the shiny objects that aren’t proven to boost your business.
READERS LIKE YOU ARE ALSO INTERESTED...
LET US KNOW WHERE TO SEND YOUR DIGITAL PLANNER.