Turning Data into our business Gas Pedal

In the past few weeks, I’ve noticed a trend in blog, podcast, and newsletter topics . . . 2023 is the year of DATA. A recent Forbes article even goes as far as to say,

“Data is the new oil”. 

I may be slightly biased but I ENTHUSIASTICALLY agree.  

Many small business owners know there is value in tracking their numbers. There is no shortage of templates and spreadsheets to help you track everything but the kitchen sink. Just take a quick search on Etsy or interest and you’ll find hundreds if not thousands of free and paid options to help you track things like:

And depending on your goals this might be invaluable information, with emphasis on MIGHT.

Here is where I think we fall short. . . 

Spending most of your time mining, extracting, compiling, and sifting through the data mines to fill up those pretty spreadsheets. The average business owner is pulling data from 5 or more locations or programs which leaves you with little to no desire or bandwidth to review, assess, and turn that data into action.

Let’s start treating data like the commodity it is; the raw material that needs to be refined, processed, and converted into the finished product – insights & analysis that can help fuel your business forward.

Just like oil needs to be refined into gasoline (petrol for those across the pond) in order to power engines.

Data needs to be converted into insights, trends, and analytics in order to be a power source for your business!

      Oil ➱ Gasoline

      Data ➱ Insights

Tracking alone does not solve your problems or provide the much-needed clarity to move your business forward. For example, the goal is not to know your monthly revenue & profit and call it a day. The goal is to know at a glance if you can:

➤ Add a new team member whose expertise will keep your plate full but not overflowing

➤ Retire products & services based on underperforming ROI

➤ Plan marketing and launches based on past trends

How do we make this shift? 

With a simple, sustainable system that allows you to spend more time reviewing and assessing rather than searching and tracking. 

Here are 3 quick ways to start refining your data into business fuel.

(and yes, I looked up “how to refine oil” to really drive this metaphor home. Your girl is committed 😉.)

1. Turn up the Heat

To make sure your data is helping you reach the goals you need to be very clear about what those goals are. Use the S.M.A.R.T. framework to ensure they are Specific, Measurable, Achievable, Realistic, and Timely.

Whether solo or which a team, make sure each member knows the role they play in the goal. Encourage ownership at every level and “get some skin in the game”. When you finally review your insights as a team it should help to inspire the right actions to keep the momentum HOT!

2. Contain & Distill

Avoid checking your metrics in multiple locations and platforms and get things in ONE place. You want to see the overall health of your business at a glance and not waste time switching between systems. This allows you to see trends and insights across all areas of your business for the best perspective and make data-backed decisions quickly!

There are many “containers” to choose from (Klipfolio, Data Studio, Google Sheets, etc). Either way, a custom dashboard that is tailored to your goals, team, and industry can help you spot trends, areas of concern, and opportunities with minimal effort.

Don’t force yourself to track everything. Focus on VALUE, not VANITY. Quality data eliminates confusion and creates clarity. Filter out the “bad” data and impurities that may skew your results.

You do a lot of hard things in a day, and reviewing your dashboard shouldn’t be one of them.

Trust me, visualization matters. Just check out the difference below.

3. Create an “Expert” Blend

Every business has its own needs and requires different fuel to stay in motion. The difference between regular, premium, and diesel is the custom blend that works for your specific engine time. Similarly, your business may need its own custom blend of business experts who can add their own unique lens and point of view.

Share and review your dashboards with your Data Consultant, Online Business Manager, Virtual Assistant, Social Media Manager, Marketing or Sales Strategist, Copywriter, Community Manager, Business Coach, or other consultants. With real-time data to review they can help you refine your strategy and action plan to get the best results possible with their partnerships.

Finally, start incorporating these steps into your weekly and monthly habits. Your business will need constant fuel to keep going and stay optimized. Set a recurring date on the calendar to repeat these 3 steps and have a simple system and SUSTAINABLE system to grow your business.

What tools or programs do you use to help you “refine” your data?

Let me know in the comments!

Need help putting your own system into place?

As a Dashboard designer and data consultant, I help online coaches, consultants, course creators, and service providers turn their metrics into momentum and scale to six and seven figures with ease.

Schedule a free Data Strategy Session to how we can help you hit your goals.