Skip to main content

The Right Data Means Better Decisions

Sep 16, 2016 03:52PM, Published by Melanie Heisinger, Categories: Life+Leisure



“It is a capital mistake to theorize before one has data.” 

Sir Arthur Conan Doyle


Do you realize that your business is generated with every action or reaction you take? Here is just a sample of what I’m talking about:

  • The number of visitors to a storefront, website, kiosk, trade show booth, or distributor of your products.
  • The number of marketing collateral pieces mailed or handed out.
  • The number and type of phone calls your business receives and makes.
  • The number of orders you take, and whether they are from new or existing customers.
  • The number of miles your sales team, delivery or service teams drive.
  • The number of employees calling in sick.
  • The number and types of products being sold.
  • The average size of an order.
  • The percentage of products being returned and why. 

This just scratches the surface! You can fill up a page with items that are unique to your own business. Do you realize the gold mine such data represents?

Unfortunately, too many businesses are too busy running and doing the business to take the time to really capitalize on such information. As long as the customer’s order gets recorded and fulfilled, a correct invoice goes out the door, and payments are properly received, recorded and put in the bank, it’s pretty easy to be satisfied, isn’t it? After all, it’s about the revenue!

Why take the time to dig deeper? So you are better equipped with the facts you need to make good decisions! So get the real story about what is going on, expand on what is working and discover ways to improve what isn’t.

As I work with my clients, a critical part of developing plans for success is the creation of a Scorecard. A good Scorecard includes key metrics that must be measured accurately and consistently over time. This short list of metrics that matter is not arrived at easily or quickly. It starts with ensuring the data you have is accurate and trustworthy. Even getting to this point is a treasure trove of opportunity. Remember the phrase, ‘garbage in, garbage out’? Data collection processes may be broken, or fields in your database could be misused. You discover information you didn’t know you had, and there is value with each new discovery.

How do you determine what to measure? Start with your Business Plan! Where do you want to be at the end of this year? Most use a gross revenue goal. Break that down into quarterly and monthly goals. How about the mix of products you want to sell to get that revenue? Are there changes in the current mix you need to make? Are there new products in the pipeline? How many sales will it take, and at what average? How about close rates?

Are you getting the picture? Your success depends on a number of things, so getting dialed in on what those are and which ones drive your business is a process that is well worth the time and effort.

By Warren Williams, President of TurningPoint Coaching 
www.turningpointbizcoach.com 
704.707.4333


This post presented by:

TurningPoint Coaching for Business Performance Inc - Concord NC

TurningPoint Coaching for Business Performance, Inc.

Every business, no matter how small, has the potential to be great. The road to greatness is full of turning points, of opportunities and challenges. Each turning point provides a chance ... Read More » 


Like what you're reading? Subscribe to Cabarrus Magazine's free newsletter to catch every headline



Advertorial Business Business Advice Business Tips


  • MEMORY CAFE´

    09/20/2017
    10:00AM — 11:00AM

    • Free event open to anyone experiencing dementia, their loved ones and/or their care partners. S...


  • CBC Trivia Night

    09/20/2017
    07:00PM

    Cabarrus Brewing Co’s weekly Trivia Night hosted by KanePunch Comedy’s Patrick & Joel is held eve...


  • Namaste and have a Beer

    09/20/2017
    07:00PM — 08:00PM

    Join us at Twenty-Six Acres every Wednesday for Yoga with Jill Falconer Yoga! Classes are $10 and...


  • Car lovers rejoice! The world’s largest automotive extravaganza, the Pennzoil AutoFair presented ...


  • TODDLER STORY TIME

    09/21/2017
    10:30AM

    • Children from walking age to three years old with caregiver. Songs, stories, finger plays follo...


  • Kannapolis Farmers Market

    09/21/2017
    04:00PM — 07:00PM

    The Kannapolis Farmers Market will be held every Thursday, 4-7pm May through September, at the co...


  • Music on Means

    09/21/2017
    06:00PM — 09:00PM

    Music on Means is a free outdoor concert series in Downtown Concord featuring a variety of region...


  • Small Business Saturday

    09/23/2017
    08:00AM — 09:00PM

    Make a purchase in any of the participating businesses in Downtown Concord and enter a drawing to...


  • Car lovers rejoice! The world’s largest automotive extravaganza, the Pennzoil AutoFair presented ...


  • Piedmont Farmers Market 2017

    09/23/2017
    08:00AM

    • Open year-round. Fresh local produce, honey, free-range eggs, antibiotic- and hormone-free beef...


  • Beth Moore Simulcast

    09/23/2017
    09:00AM — 04:00PM

    <Fayetteville, NC>– <September 23, 2017>– LifeWay Christian Resources and Living Proof ministries...


  • Duke Dash 5K & Healthfest

    09/23/2017
    09:00AM

    This event at the North Carolina Research Campus in Kannapolis will be hosted by the Duke Clinica...


  • CON2

    09/23/2017
    10:00AM — 05:00PM

    All ages - The worlds of Sci-Fi and Fantasy collide at the library! Come meet special guest of ho...


  • Cold-blooded fun Repticon

    09/23/2017
    10:00AM — 05:00PM

    This premiere reptile show shares these incredible creatures with the world. Enjoy exhibitions, e...


  • 11th Annual Eastern Triangle Farm Tour

    09/23/2017
    01:00PM — 05:00PM

    Sponsored by the Carolina Farm Stewardship Association and Weaver Street Market, the 2017 Eastern...


  • Town Theatre's The Hunchback of Notre Dame

    09/23/2017
    08:00PM — 10:15PM

    Based on the Victor Hugo novel and songs from the Disney animated feature, The Hunchback of Notre...


It looks like we don't have any events for this date. You can always add an event.

  • A VET TOGETHER

    09/26/2017
    09:00AM — 11:00AM

    • Join Cabarrus Veterans Coalition the first Tuesday of each month at Carm’s for free coffee and ...


  • A Vet Together

    09/26/2017
    09:00AM — 11:00AM

    Join Cabarrus Veterans Coalition at Carm's Cafe every Tuesday morning for A Vet Together! Fre...


  • Thriller Dance Lessons

    09/26/2017
    06:00PM — 07:00PM

    Ever wanted to learn the King of Pop’s famous Thriller dance? Now’s your chance! Head over to the...


Get Cabarrus Magazine Delivered to Your Door!

Subscribe today!

Proudly Brought To You By These Community Sponsors