How To Use Data To Support Business Growing PainsFebruary 16, 2022 No Comments
Featured article by Kellie Byrnes
After a lean couple of years in many cases for business owners due to the global pandemic and other challenges, there’s nothing more exciting than seeing a venture moving ahead in leaps and bounds.
However, growth isn’t always the easiest thing to keep up with, plan for, or manage when it happens. If you have rapid growth, this can be even trickier. To give your business the best chance of long-term success and maximize the expansion you’re seeing right now, it helps to follow a few essential strategies.
Make Best Possible Use of Data
With so much data available to us in business these days, it would be remiss of entrepreneurs not to collect, track, analyze and act on the variety of information that comes in. It’s natural to want to rely on your instincts when making decisions and finding pathways forward, but keep in mind that critical decisions should be based at least significantly on facts rather than assumptions.
Data is a better predictor of future events and results than emotions and guesswork and makes it easier to make fast yet reliable choices in real-time as needed. As you’re sorting through growth issues, pay close attention to data related to things like customer types and numbers, how much they spend and what on, profit and cashflow levels, marketing returns on investment, and industry benchmarks. Just be sure to set up systems and processes to ensure data integrity so that the information you base your decisions on isn’t out of date, erroneous, or otherwise compromised.
Ensure Everyone Knows Their Roles and Responsibilities
Teething problems in business often come about because owners, managers, and other leaders aren’t clear on their specific roles and responsibilities. When your venture is growing, you don’t have time to waste on sorting out issues such as why important tasks got missed or which projects the organization is and isn’t focused on winning or completing.
Ensure everyone in a top position within the company knows their exact roles and responsibilities and will do those things. All parties must understand the key goals being worked towards, too. This clarity will help keep everyone on task and not waste time on jobs or opportunities that won’t get you where you want to be.
Build the Right Team and Invest in Them
While you may have started out doing many or even all of the tasks involved in your business yourself, this level of investment isn’t feasible long term. As the business grows, it becomes more and more vital for many factors to be delegated to employees or outsourced to contractors and the like. You simply won’t have the time to attend to every aspect you once did when in a growth stage and are only likely to cause issues for the organization if you try to.
Work on giving up some control and surrounding yourself with a quality team of people you can trust and rely on. Try to find employees with different strengths to you so they can make up for the gaps in your knowledge and skills when you need them most. Plus, choose people who have extensive practice handling elements that you don’t like doing or that are simply not the most valuable use of your time.
In addition, invest in the team you create around yourself. Send people off to conferences and trade shows to learn new things and practice set skills, or arrange for them to attend courses, workshops, and inspiring talks, among other things. The more you train your team up, the more comprehensively they can support you during busy times.
Work On Your Leadership Abilities and Knowledge
Another tip is to work on developing your leadership abilities and knowledge further. You can’t lead a team to greatness or get the results you’re hoping for if you don’t know how to best manage your staff in the good times and the bad. Learn as much as you can about different management techniques as well as market and industry trends and changes.
Grow your understanding of financial, marketing, and sales factors. Also, improve skills such as negotiation, problem-solving, time-management, communication, and relationship building. The more you progress as a leader, the easier it should be to develop and enact solutions to growing pain problems.
No matter what, though, remember to take some time off here and there as your business grows. It’s natural to work incredibly hard during these periods, but you won’t do yourself or your team any favors if you burn out. Some time away from work tasks and discussions will help you clear your head and see a better path forward.
Every strategy you follow in dealing with growing pains should reward you with at least some success and give you more impetus to keep going, even when times are tough.
DATA and ANALYTICS , DATA PRIVACY, SOCIAL BUSINESS