One of the biggest challenges in becoming a CEO is understanding how to scale your business sustainably. Yes, you can scale fast but having a $1 million launch means nothing if you spend $900,000 trying to get there.
What is the easiest way of scaling your business without burnout, overwhelming and negatively impacting your bottom line? Making data-driven decisions.
While more and more scaling entrepreneurs are open to using data analytics in their business, it still makes me wonder – why are we so scared of it in the first place?
Making decisions based on fear
Many of the decisions we make in business are based on fear and the feeling of missing out. We are taught to use countdown timers, early-bird bonuses and special training to get others to take fast action, so it’s not surprising that we do the same. Although in our case, it’s not necessarily serving us well.
When you base decisions on fear, you put so much importance and pressure on a specific type of outcome, even if it isn’t the right outcome.
You may want to hit a revenue target without considering the strain it’s going to put on your team, how it will impact your work-life balance or whether your systems are set up to support your new students.
Basing your decisions on data removes the emotions from your decisions and helps you make the right decisions based on facts rather than your feelings in that moment.
We have limiting beliefs around numbers
As the CEO of your business, you may have a growth mindset regarding scaling your team, your product suite and your marketing but don’t focus on the numbers.
Here’s the thing – a lot of us hold ourselves back because we don’t believe we are good with numbers.
The truth is, you don’t need to be great at numbers to be a great CEO – you have a CFO for that, but you do need to understand trends and patterns.
Knowing which KPIs you should be measuring and what good looks like will help you see whether you are performing well to hit your business objectives.
By adopting a growth mindset, you can experiment with not only what works but what feels good in this season of business.
We are afraid of slowing down
Have you ever felt like your business would stop if you stepped away? I have, and it was exhausting.
12-months ago, I was happily scaling my business and my team. Revenue was increasing every month, and I was on track to hit 6-figures by the end of the year until I realised one rock of the boat and my business would collapse under me.
At this point, we had ten retainer clients and a team of 6, but instead of decreasing my hours and responsibilities, it felt like I was working even more, and as I was the only one making the decisions – I become a bottleneck.
I’ve spent years making data-driven decisions as an SEO Strategist in my corporate career but didn’t think to use the same strategies in my own business.
Although I realised that I need to make changes and adopt a data-driven approach in my own business, I was scared because I knew I would have to slow down to make these changes.
While making those initial decisions was difficult, they needed to be made not only for the future of my business but my personal growth and development.
Moving to a data-driven approach is a must in 2021
There are so many reasons why you should move towards a data-driven approach to your business.
Using data can help you create a sustainable strategy where you are no longer struggling with work-life balance (no working weekends or holidays anymore), help you solve problems faster and more importantly give you financial freedom.
If you want to improve your processes, align your strategy and create new revenue streams, you might benefit from my VIP day ‘Measure, Automate, Scale’, where we will automate your data tracking to make things simpler for you.