Your Path to Business Success: #4 Using Data to Improve Business Strategy

The new year is the perfect time to pause, reflect on the previous year, and adjust your strategy and tactics to drive better results in the new year. But where do you start? Your gut can only take you so far. If you want to make sound business decisions, the best place to start is with data.

Data is foundational in helping you recognize opportunities to attract new customers, serve current customers better, cut costs in your business, and ultimately earn more money. The order of operation to remember is that data helps you form insights, which help inform your strategy. Your strategy separates you from the rest of the pack and allows you to build loyalty, profitability, and sustainability. 

Improve Profits by Using Data

This article will guide you through gathering and analyzing data to unlock your business's full potential.

1. Improve Business Strategy By Using Customer Feedback:

Your customers can help you to improve your product and services if you take the time to analyze their behaviors and ask them for feedback. Here are some ways you can start:

• Customer Surveys: Use surveys to gather insights on customer satisfaction, product preferences, and areas for improvement. Tools like SurveyMonkey or Google Forms make creating and distributing surveys easy.

• Online Reviews: Regularly monitor online reviews on platforms like Google My Business, Yelp, and industry-specific sites. Pay close attention to positive and negative feedback and identify recurring themes.

• Social Media Monitoring: Monitor social media conversations about your brand. What are people saying? What are their concerns? Use social listening tools to track mentions and engage with your audience.

Pro tip: Ask your favorite AI tool to review your online reviews and provide you with insights on what your customers like and dislike about your business.

Where do you get customer feedback?

• Google Reviews
• Yelp Reviews
• Facebook Reviews
• Customer Surveys

See All Options

You can vote for more than one answer.

2. Dive Deep into Your Sales Data:

Your sales data can provide insights into what is and is not working. With these insights, you can adjust your strategy and better meet the needs and expectations of your customers. Here's what to look for:

• Top Performers: Identify your best-selling products or services. What makes them so successful? Can you replicate those factors in other areas of your business?

• Underperforming Categories: Pinpoint products or services that aren't meeting expectations. Analyze the reasons behind their performance. Is it pricing, marketing, or something else?

• Seasonal Trends: Are there peaks and valleys in your sales data? Understand how different times of the year impact your business and adjust your inventory, marketing campaigns, and staffing accordingly.

Pro tip: Compare the price and value of your offering to the competition and identify improvement opportunities.

3. Assess Operational Efficiency:

Efficiency is key to profitability. Taking the time to evaluate your return on labor, profit margin, and return on assets can help you identify undiscovered opportunities for improvement. Here's how to analyze your operations:

• Cost of Goods Sold (COGS) Analysis: Break down the costs of each product or service. Can you negotiate better prices with suppliers? Are there ways to eliminate costs to harvest more profit or provide a lower price to customers?

• Time and Money Allocation: Track how you spend your time, payroll dollars, and company resources. Are there tasks you can automate or outsource? Are you investing in the right tools and technologies?

• Identify Inefficiencies: Look for bottlenecks or areas where processes are slow or cumbersome. Can you streamline workflows or implement technology to improve speed and customer satisfaction?

Pro tip: Explore how your team can use AI to save time taking notes, summarizing emails, or crafting communications.

Summary:

By consistently gathering and analyzing data, you can understand your business performance and make data-driven decisions that fuel growth. Remember to:

• Collect customer feedback through surveys, online reviews, and social media monitoring.

• Analyze your sales data to identify top performers, underperforming categories, and seasonal trends.

• Assess operational efficiency by analyzing COGS, time and money allocation, and identifying areas for improvement.

By doing this, you can identify insights that can inform your business strategy, allowing you to craft tactical shifts that have the potential to unlock more profitability.

In the next article, we'll explore the importance of market research in understanding your industry and competitive landscape. Stay tuned!

References:

How Marketing Automation Can Boost Your B2B Lead Generation - RAY B2B. https://www.rayb2b.com/tools-and-technology/how-marketing-automation-can-boost-your-b2b-lead-generation/

Measuring the Success of Online Product Sampling Campaigns | Mister Duda. https://misterduda.com/25934-measuring-the-success-of-online-product-sampling-campaigns-11/

Co-Active Coaching: A Business Owner's Guide to Enhanced Performance

Co-active coaching is a productivity accelerator for personal growth and enhanced performance. It's a comprehensive approach that delves into who you are, not just as a business owner but as a complete person. This means that co-active coaching can assist you in recognizing and tackling your personal and professional obstacles, igniting a journey of self-improvement.

How Co-Active Coaching Works

Co-active coaching is rooted in the empowering belief that people are naturally creative, resourceful, and whole. This means you already possess the solutions to your most pressing issues. All you need is guidance to find them.

A Co-active coach will work with you to help you identify your goals, values, and beliefs. They will also help you develop a plan for achieving those goals.

Co-active coaching is a collaborative journey. The coach and you will work collaboratively with you to craft a personalized plan that suits the unique needs of the business owner.

Benefits of Co-Active Coaching

There are many benefits to co-active coaching. It can help business owners to:

• Improve their performance

• Achieve their goals

• Overcome challenges

• Develop their leadership skills

• Increase their self-awareness

• Improve their communication skills

• Build stronger relationships

• Create a more fulfilling life

How Co-Active Coaching Can Help Business Owners

Co-active coaching can help you in several ways. For example, it can help you to:

1. Identify and Achieve Their Goals: Co-active coaching can help you identify your goals and develop a plan. This can be helpful for those who feel stuck or lost.

2. Overcome Challenges: Co-active coaching can help you overcome the challenges you face in your business. These can include dealing with difficult employees, managing their time effectively, or making difficult decisions.

3. Develop Their Leadership Skills: Co-active coaching can help you develop your leadership skills, including communication, delegation, and decision-making.

4. Increase Their Self-Awareness: Co-active coaching can help you increase their self-awareness. This can include understanding their strengths and weaknesses, as well as their values and beliefs.

5. Improve Their Communication Skills: Co-active coaching can help you improve their communication skills, including verbal and written communication.

6. Build Stronger Relationships: Co-active coaching can help you nurture more effective relationships with your employees, customers, and key partners.

7. Create a More Fulfilling Life: Co-active coaching can help you to create a more fulfilling life. This can include finding more balance in your life and pursuing your passions.

How to Find a Co-Active Coach

If you are a business owner interested in co-active coaching, there are several ways to find a coach. You can search online for coaches in your area or ask other business owners for recommendations. 

Conclusion

Co-active coaching can be a powerful tool for you to improve your performance and create a more fulfilling life. I encourage you to consider trying it if you are a business owner. If you're ready to take the next step, start by researching co-active coaches in your area or asking for recommendations from other business owners. The journey to enhanced performance and personal development begins with a single step.

Beyond Bias: 3 Steps to a Truly Inclusive Workplace

 As our workforce becomes increasingly diverse, leaders face the critical challenge of creating fair and equitable environments where everyone feels valued and respected. Unfortunately, unconscious biases can creep into our decisions, leading to disparities in hiring, promotions, and even day-to-day interactions. Research shows that we tend to gravitate toward those who are "like us," which can create barriers for underrepresented groups (1). This bias not only hinders individual growth but also limits the potential of the entire organization.

Leaders must actively challenge their biases and adopt intentional practices to cultivate a truly inclusive workplace. Here are three key steps inspired by the Power 6 leadership program:

1. Time Audit: Invest in Equity

Time is our most precious resource, and how we spend it speaks volumes. Unconsciously, we may be dedicating more time to those who mirror our own backgrounds or experiences. To counter this, conduct a "time audit":

• Track your interactions: Review your calendar, emails, and messages. Are you consistently spending more time with certain individuals or groups?

• Analyze the data: Look for patterns that might reveal unconscious biases in your time allocation.

• Take corrective action: Make a conscious effort to distribute your time more equitably. Schedule regular meetings with all team members, ensure equal access to mentorship and development opportunities, and be mindful of who you include in informal gatherings.

2. Cultivate Curiosity: Build Bridges of Understanding

The Power 6 emphasizes the importance of "knowing your people." Go beyond surface-level interactions and genuinely seek to understand your team members personally.

• Ask meaningful questions: Inquire about their values, aspirations, and interests. What are their passions outside of work? What are their career goals?

• Listen actively: Truly listen to their responses, demonstrating genuine interest and empathy.

• Find common ground: Despite differences in background or experience, you'll likely discover shared values and goals that foster connection and trust.

3. Seek Feedback: Create a Culture of Open Dialogue

To create a truly inclusive environment, you must understand how others perceive your actions.

• Create a safe space: Establish trust and demonstrate a genuine commitment to inclusion to encourage open and honest feedback.

• Ask specific questions: Don't just ask "Do you feel included?" Instead, ask about specific experiences and situations: "Do you feel your ideas are heard in meetings? Do you feel you have equal access to opportunities?"

• Act on the feedback: Don't just collect feedback; take concrete steps to address concerns and improve the workplace experience for everyone.

Real-World Example:

I recently worked with a non-profit leader who came to me seeking executive coaching. Her work requires her to interact with people from different countries. Through coaching, she identified that discomfort with conflict was preventing her from asking direct questions about what individual employees needed to perform at higher levels. As she began to see that she was not serving her employees or the team by avoiding conflict, she found the courage to ask employees what changes she could make to improve their effectiveness. Her asking led to great levels of trust and small tweaks to how she works with employees, which boosted productivity.

The Business Case for Inclusion:

Inclusion isn't just the right thing to do; it's essential for success. Companies that prioritize inclusion benefit from:

• Increased engagement and productivity: Employees who feel valued and respected are likelier to be engaged and contribute their best work.

• Improved retention: Inclusion fosters a sense of belonging, making employees less likely to seek opportunities elsewhere.

• Enhanced innovation: Diverse perspectives lead to more creative solutions and better decision-making.

Call to Action:

Building an inclusive workplace is an ongoing journey that requires continuous effort and commitment. By following these steps, leaders can create environments where employees feel valued, respected, and empowered to reach their full potential.

---

About the Author:

Dorian Cunion is an Executive Business Coach with Your Path Coaching and Consulting, specializing in coaching services for managers, executives, and small business owners. He is passionate about helping individuals and organizations reach their full potential through leadership development, strategic planning, and a focus on building inclusive workplaces.

Dorian's coaching approach is grounded in the "Path Finders Program," a framework designed to help clients clarify their goals, develop essential skills, and navigate leadership challenges. His expertise extends to various areas, including:

• Career Planning: Guiding individuals through career transitions, goal setting, and skill development.

• Leadership Development: Helping leaders enhance their self-awareness, build high-performing teams, and foster inclusive cultures.

• Work-Life Balance: Supporting individuals in finding balance and prioritizing their well-being.

• Strategic Planning: Assisting organizations in developing and executing strategic plans to achieve their goals.

Dorian's insights shares his expertise on topics such as workplace inclusion, leadership, and professional development. To learn more about Dorian and his coaching services, contact him directly on LinkedIn.

Connect with Dorian:

• LinkedIn: (10) Dorian Cunion, ACC, MBA 🌅 | LinkedIn

• Email: dcunion@yourpathexecutivesolutions.com

Resources:

• Grant, G. (August 7th, 2018). Similar-To-Me Bias: How Gender Affects Workplace Recognition. Forbes. Retrieved November 7, 2022, from https://www.forbes.com/sites/georginagrant/2018/08/07/similar-to-me-bias-how-gender-affects-workplace-recognition/?sh=51e35f8e540a