Blogs + Articles

Finance thoughts for non-finance people.

Blogs + Articles

Finance thoughts for non-finance people.

© 2020 Justice. All Rights Reserved

© 2020 Justice. All Rights Reserved

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Why Data Trumps Emotions

August 21, 20232 min read

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.

blog author image

Vanessa Bamford

With over a decade of experience as an Accountant and Business Strategist in independent business, social enterprise, and within the no-for-profit sector, Vanessa has a unique understanding of all the moving parts of the business ecosystem including; people and culture, systems and processes, as well as a passion for human behaviour and business development.

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blog image

Why Data Trumps Emotions

August 21, 20232 min read

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.

blog author image

Vanessa Bamford

With over a decade of experience as an Accountant and Business Strategist in independent business, social enterprise, and within the no-for-profit sector, Vanessa has a unique understanding of all the moving parts of the business ecosystem including; people and culture, systems and processes, as well as a passion for human behaviour and business development.

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Sarah Stiles

client account manager

Sarah has vast experience in bookkeeping, payroll, Xero, and cloud software set up. She's currently growing her qualifications studying a Diploma of Accounting.


With a passion for working with not-for-profit organisations and business that are making a difference in our community, Sarah loves helping others achieve their goals using her accounting smarts.


Three fun facts about me...

I spent 4 years of my childhood living in remote Northern Territory

I love food, especially chocolate

I am a dance mum and love watching my daughter dance more than anything

Sarah Stiles

client account manager

Sarah has vast experience in bookkeeping, payroll, Xero, and cloud software set up. She's currently growing her qualifications studying a Diploma of Accounting.


With a passion for working with not-for-profit organisations and business that are making a difference in our community, Sarah loves helping others achieve their goals using her accounting smarts.

Three fun facts about me...

☞ I spent 4 years of my childhood living in remote Northern Territory


☞ I love food, especially chocolate


☞ I am a dance mum and love watching my daughter dance more than anything

Rhedyn Lemaire

client account assistant

client services administrator

Rhedyn is our resident customer service queen. She's passionate about empowering her clients with next level account management services and will quickly become a trusted part of your virtual finance team.


A life long learner, Rhedyn is currently studying a Diploma of Payroll Services and Cert IV Bookkeeping and Accounting.


Away from work she's an experienced debater and commanding public speaker.

Three fun facts about me...

I'll happily speak in front of hundreds of people - but don't ask me to sing in public!

I love reading and writing book reviews.

I'm an animal lover and have had many different types of pets over the years.

Rhedyn Lemaire

client account assistant

client services administrator

Rhedyn is our resident customer service queen. She's passionate about empowering her clients with next level account management services and will quickly become a trusted part of your virtual finance team.


A life long learner, Rhedyn is currently studying a Diploma of Payroll Services and Cert IV Bookkeeping and Accounting.


Away from work she's an experienced debater and commanding public speaker.

Three fun facts about me...

☞ I'll happily speak in front of hundreds of people - but don't ask me to sing in public!

☞ I love reading and writing book reviews.

☞ I'm an animal lover and have had many different types of pets over the years.

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