Data is the building block of growth. Without it, businesses are running on instinct, chasing nebulous ideas of “success” based on perceptions, trends, and observations.
Why guess when you can strategize?
If your business isn’t harnessing the power of its data, you’re missing opportunities. Measuring your success through data is more straightforward than you think, and data isn’t just a yardstick. It’s also an arrow, pointing your business towards bigger, better things.
So, which data should you be paying attention to as a business, and how does that data actively help you measure your success? Here are a few of the metrics the team at IT-HenHouse swear by.
Leads Generated, Leads Converted, Sales Transacted, Repeat Customers, Marketing ROI, etc.
Even if your business isn’t actively “marketing,” it’s still branding itself somehow or another. Creating data points around every aspect of marketing you perform, from trade show attendance to inbound digital campaigns, is a good way to understand where your money is being well spent and where you could improve your outcome. Thankfully, excellent marketing software platforms abound that don’t just keep track of customer info, but proactively suggest and create marketing strategies for your company. Some of them are even rolled into comprehensive ERPs!
Cost of Hire, Training Costs, Employee Satisfaction, Employee Retention, etc.
Employees aren’t just people, they’re data points. How efficiently your employees are working tells you a lot about your business, from your hiring practices to your in-house processes. The good news is that a tech-forward workplace generates its own data without even trying. When your employees perform their job functions in conjunction with enterprise-level technologies, everything is captured. Holistic platforms don’t just aggregate that data for you, when customized for your business they can help you identify pain points, improve processes, and even visualize ambiguous concepts like employee morale. The more data you ascribe to your employees, the more effective your team can be.
Expenses, Investments, Sunk Costs, Ongoing Outlays, Earnings, Taxes, etc.
Perhaps the most important (and obvious) data for measuring the success of your business is that which surrounds profit and loss. When your budget is digitized, every expense becomes more than a line item…it becomes a page in a story. Over time, watch how your budget shifts to accommodate changes in your business. With effective budget-tracking software rolled into your overall enterprise platform you’ll improve your ability to align budgetary goals with business goals, as well as to draw correlations between expenses and growth. When everything functions in buckets, measuring ROI is hard. Technology can create order out of chaos.
Today, everything is data. The trick isn’t the act of generating data (Spoiler alert: You already are!) but understanding what to do with it. Great technology helps you get there.
Whether you’re a small business, an up-and-coming startup, or a legacy company at the top of its game, better technology helps you organize, optimize, and actualize data. Don’t be overwhelmed by it; use it!
It’s a lot.