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If you’re a creative and hate numbers, you might start rolling your eyes at the next mistake costing you income in your biz. But for those of us that have data and numbers, this one is definitely crucial. In order to be successful in your business, you have to know what’s working and what’s not working, right? How are you going to do that if you aren’t tracking your data? Let’s explore Mistake #3…
Not tracking your data.
If you are not tracking your data, you could be spending time, energy and resources in the wrong places. Do you even know what the right places to be spending your time, energy, and resources are? Is your message reaching the right people? These are all things that you can get the answer to by tracking your data.
A quick example.
Let’s say you have multiple ways of bringing leads into your pipeline. Most people do. They have different social media channels, blogging, Pinterest, etc. Well, if you’re not tracking where your leads are actually coming from, then you have no idea where to focus your time and energy.
It’s great to have multiple ways to generate leads in the beginning, but at some point you need to know which ones are working and which ones aren’t. You can’t put all of your efforts into all the places. You’re spreading yourself too.
But when you track your data and you know which ones are working, you can double down on those and actually experience exponential growth inside of your business.You have to look at your data and see where 90% or 80% of your income and your business is coming in. Then, and do more of it!!!
Knowing where you spend your time.
You also need to track where you are spending your time to know if you are using it in the most efficient way. For example, are you doing a bunch of networking events? I found myself doing this in the beginning of the year. I was networking like crazy, and I was on the phone all the time.
But the reality is, after a couple months, I had to really look at it to see what I had gained from all of this networking. I didn’t actually gain much from it because it wasn’t the right way to meet my ideal clients. I was making connections that weren’t necessarily the right fit for my business.
You absolutely have to track where you are spending your time and if it has been productive or not. Be honest with yourself. It’s about growth, revenue, and profit. You are in business to make money. Whether that’s $100, $1,000, or $10,000, it doesn’t matter. Your business still needs revenue to operate. So without revenue, and without profit, you’re not gaining anything.
Tracking your revenue and profit.
The last thing you want to do at the end of the quarter or at the end of the year is find out that you made $100k, but you spent so much in expenses that you ended up not making any money at all. If you aren’t tracking your profit margins throughout the year and throughout the month, how do you know where you stand?
When you’re not tracking your activity regularly throughout the year, by the time you do track it at the end of the year, it’s probably too late. You’ve already missed out on multiple opportunities to increase your sales or increase your leads.
If you don’t know where to start…
I have a freebie called Monthly Money Metrics. It’s as simple as just a spreadsheet that looks at the five areas of data that I feel like you should be tracking. They include marketing, financial, social media sales, pipeline, and time and revenue. You can grab that by clicking here. If that’s even overwhelming, find somebody that can do it for you. Find a bookkeeper or a VA that can track this activity for you.
Pick one thing to track to start.
You need to at least try to pick one thing to start tracking. For example, you’re going to start tracking the amount of connection or discovery calls you do every single month and how many of them convert. So at the end of the month, you’re going to go back to your calendar, and look at each one of them. You’re going to take the total number and you’re going to see how many converted.
If you want to take it a step further, you can look at where the ones that converted came from. Where did the ones that didn’t convert come from? Do you need to follow up? Do you see how all of them lead to the next one? But just start with one thing. It’s truly that simple. Bottom line… you have to be tracking your data if you’re going to grow a successful business.
Connect with Michelle-
Website – https://michelledenioconsulting.com
Facebook Profile – https://www.facebook.com/MichelleDeNioBizStrategist/
Linkedin Profile – https://www.linkedin.com/in/michelledenio/
Have Questions? Let’s have a Cup of Virtual Coffee!
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