Internet businesses are fanatical about numbers – you should be too

Latest posts by Joel Welsh (see all)

If you don’t know where you’re going, you probably won’t get there. But is it a good thing to be a daily scoreboard watcher? I’ve been going through a lot of this type of strategy conversation of late as we set goals and identify the tactical strategies to exceed them.

Insert any statistical analogy you like at this point in the conversation. I’ll use baseball. (anyone surprised?) Yes, I want to track my batting average on a game-by-game basis. But just because I go 0-4 in a single game that doesn’t mean that I will make a broad hitting strategy shift based on such a small data sample. I need to watch for & understand trends.

An internet business HAS to be focused on the numbers: unique visitors to the website, page views by those visitors, and conversion to sales percentage. But every business, internet or not, needs to pay attention to the numbers that apply to their unique business.

Is there a danger of over-analyzing? Sure. And when you get to that point, you’ll know it & can then back off. But there is a much larger danger of not analyzing enough.

So which are you? The one who shows up every day & goes with your gut, or the one who uses the numbers as a tool for improving your business?

Total
0
Shares
Previous Article

A small business wrestling with software

Next Article

Southwest Airlines Ticket Winner #3!

Related Posts
virtual assistant
Read More

How Virtual Assistants Can Benefit Startup Leaders

According to venture capitalist Bill Trenchard of First Round Capital, the average startup founder "works about 300 days a year, 14 hours a day." He should know. Trenchard cofounded and led three companies and, as a VC, advises hundreds of startups. "Looking at the schedule of a typical CEO, a full 70 percent of that...
succession planning
Read More

Your Business Legacy: Why Succession Planning Is a Crucial Step in Estate Planning

Running your own business is a mammoth task and a considerable investment. Statistics have consistently shown that small business owners have to work longer and harder than the average employee. So, after dedicating so much time and energy to building up a company, it’s crucial to protect it should the worst happen. Almost all of...
supply chain
Read More

How to Keep Vendors and Clients Happy During Supply Chain Hiccups

Supply chain breakdowns are happening due to global disruptions, rising costs and increased consumer expectations. Businesses can't always stop supply chain hiccups, but they can learn from them and limit their impact on vendors and clients. How a business responds to a supply chain issue can have far-flung effects. A company that is proactive and...
implementing new systems
Read More

9 Mistakes to Avoid When Implementing New Systems

If your systems aren’t lean, efficient and precise, you’re wasting time and money while putting your business at unnecessary risk. If you’re going to build out new systems, you need to do it right. Avoid these nine mistakes when building new systems to transform how work gets done in your business. 1. Ignoring human nature...