Ignore This and Your Business Won't Grow

You won’t ever come close to the full potential or your company if you don’t intentionally focus on understanding your numbers, what they mean, and what to do about them. When I say “numbers,” I am talking about your lead generation numbers, the cost per unit of your product or produce, labor cost per hour, cost per customer acquisition, number of new customers needed to grow, etc. 

Let’s say you do know your numbers. You’ve tracked them and put them into some meaningful format. The next skill set is interpreting your numbers. First, generate and document your numbers. Then, look at them over time and evaluate how they move in relation to the actions and changes you have made in your business. 

Basically, all that a successful entrepreneur does is find the right customers to sell to, find out what they need, and deliver a solution. Here’s where the numbers come in; constantly iterate and innovate off that solution as that’s the only way you can grow. The way to succeed in innovation is to use cold hard numbers, even when if they don’t say what you thought or even hoped they would say.

You will need to go through the document, analyze, and take-action process. Once you have come to the conclusion that you need to take an action(s) to support what the numbers are telling you, you need a steady process of implementing these changes. For example, don’t change everything at once because then you won’t be able to carefully analyze what difference made produced what change to the business. 

Key Talking Points of the Episode:

You won’t ever come close to the full potential or your company if you don’t intentionally focus on understanding your numbersAll that a successful entrepreneur does is find the right customers to sell to, find out what they need, and deliver a solutionYou will need to go through the document, analyze, and take-action process

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Resources Mentioned: 

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