Word of the Day – Data from Blumer CPAs on Vimeo.
It is Word of the Day. This is where we use a word and we pinpoint some strategy to help you grow your company. The word of the day today is data. This is a popular thing lately, right? Measurement, scoring, score cards, data. These are the things you want to build dashboards to put a lot of stuff on it to help you run your business better, and data is really, really cool. But we have to remember what data is. It is a small subset of the truth. It’s a representation of the whole. You can’t use data to fully make all your decisions. The data is the offset to using your gut to make all your decisions. This is the other balancing side of your gut.
Some entrepreneurs run their business all on their gut. If they feel it … And some are better at that than others. If they feel it, they’re going to do it. Data offsets that. It actually feeds some measurement to you. It gives you some insight. It gives you some context and clarity to know whether you should be making the decisions you’re making. But just remember, just like gut is not a completely right way to manage your business and make decisions, data is also not that. Though data is helpful, it is just insights. It’s patterns. What it’s meant to do is boil the whole thing, the whole way your business runs, the whole way your team interacts with clients, the whole way your clients act, financial numbers, numbers of clients, funnels, blah, blah, blah. All of this stuff pumps through data. It’s summarized. You hit the highest level ones. You see patterns of ups and downs, and you start to make decisions based upon better information.
But you can’t say data is the truth, because data is a small representation of the truth. If you want to know the truth, you have to go to every single situation and instance that created the number. And nobody can do that, especially as you grow a company, and that’s why data, which is boiling down things to patterns and summaries, are going to be what help you.
I hope that helps bring clarity to what data is, and measuring, and scoring. If you need help with balancing any of those things in your agency, that’s what we do. We help entrepreneurs balance. They all need balance. I need balance. And that’s what we do. Through coaching, and growth, and, of course, taking on the financial backbone of a company and taking away those details. We can help people really grow. I hope that helps with Word of the Day. Just reach out to us if you need help. [email protected], or hit us up on our site. We’d love to help you and talk to you. We’ll see you.