Whilst emotions play a vital role in running a business, they also have a habit of becoming overwhelming and stopping you from making smart, factual decisions.

“Data often scares people because it offers an entirely unbiased view of a situation - for many people having their feelings challenged is uncomfortable.”

The thing I love, perhaps more than anything else, about numbers is that they don't have emotions! They're all facts.

Whilst emotions are inherently subjective, influenced by personal biases, and prone to leading to decisions that fail to consider the long-term consequences or an alternative viewpoint. Data offers a more objective and informed approach.

When working with businesses I believe it's vital to consider the emotions behind a decision and then either back them up, or refute them cold hard facts - in the form of numbers.

Data often scares people because it offers an entirely unbiased view of a situation - and for many people having their feelings challenged is uncomfortable.

It's much easier to play on the emotion of a situation - to forgive yourself a poor or costly decision because it "felt right" or avoid a solution because you don't fully understand how it will impact your business.

For me data is the one thing I can rely on to identify what the biggest issues are in a business. Of course digging around finding issues can also be hard for people - nobody wants issues!

But numbers also tell me a whole lot of fantastic things I can use to increase profitability and productivity, like...

• Which service is most profitable (so you can do more of what's working)

• Which services are least profitable (so you can do less of what's not)

• What is costing you money in time, energy or overheads

• How your staff or team are contributing to your business

And much more.

Successful businesses recognise the value of numbers in developing strategies, targeting audiences and optimising their operations.

HERE'S HOW MAKING DATA LEAD DECISIONS WORKS IN REAL LIFE

Jenny and Geoff own a retail business.

They use data around historical sales to identify trends in customer preferences. This enables them to stock products that are more likely to sell. Market research and customer feedback data gives them a guide to new products they can develop.

Inventory data ensures they're not tying their cashflow up in product that sits on the shelf unsold.

When we analyse their financial data we have the tools we need to maximise profits and create sustainable growth, by making informed and rational decisions about cost-cutting or investment opportunities.

Whilst emotions are an integral part of running a business, relying solely on them when making choices can lead to overwhelm, confusion and poor decisions.

We'd love to help you navigate what your numbers are telling you about your business. To book an obligation free chat with our team today.