Numbers alone don’t tell the whole story. In addition to Quantity, we also need to look at Quality such as feedback, interviews, case studies, and narrative analysis.
Do you hate reviewing your business financials? If so, you’re not alone.
In this article, I’ll explain:
- the difference between quantitative and qualitative data,
- where to collect the data,
- an illustration that demonstrates which questions to ask, and
- how to use it to make risk intelligent decisions.
Are you wondering how to tell the difference between data that are based on numbers (quantitative) and those based on sensations and experiences (qualitative)?
Many business owners find it difficult to make the distinction… which can lead to frustration, overwhelm… and eventually to a business that is vulnerable to threats that could cause irreparable harm.
How well did your business do this year?
Answering this question can bring up a lot of emotions, especially if things did not go as expected. You might feel the pressure of setting end-of-year deadlines. Looking back can result in guilt if we didn’t reach our goals, or anxiety about setting new ones.
Many business owners feel a tug-of-war between accomplishing daily duties AND stepping back to see the “30,000-foot view” of their company. But even though it can be really scary, doing a Year In Review is very helpful. That’s why I recommend taking time to look back at what happened using data that is quantitative (numbers) and qualitative (experiences). Once you review the results (good and bad), you reduce the risk of failure by making adjustments to your plans for the next year.
Here are six helpful resources to guide you through the process.
I thought I knew everything about my company… until the day I stepped out of my management role and into those of front-level staff.
Working in new job tasks was the most eye-opening thing I ever did as a manager. The act of observing their roles first-hand made it crystal clear where the problems were originating. And… spoiler alert: 99% of problems in a company are because of poor management decisions!
I call this boots-on-the-ground observation method the “Employee for a Day experience.”
It’s terrifying, enlightening, humbling, and eye-opening.
And it works like magic.
Here are some ideas for how to implement this incredible (free!) tool for yourself.
Today, I want to share a really useful tool that can help you identify your best customers. It’s called the Ideal Customer Bubble Graph.
This is a great way to know which of your customers are Ideal—individuals who have following qualities:
- They generate the highest profit margins,
- They give you the fewest problems,
- They align closely with your philosophy, and
- They help your company to move toward its strategic goals.
I was recently asked to explain the “Impact Score” in a Strategic Risk evaluation process. This is easy to do with a tool called the Strategic Risk Severity Matrix.
In this post, I’ll walk you through each step of using this tool, along with a practical example to demonstrate how it works.
I am always on the lookout for tools that can help us dig deeper and get clarity about decision making.
Recently, I tried a simple art project that turned out to be a the perfect blend of creative expression and self-reflection. In this post, you’ll hear how this tool can help you develop a strategy for business or professional growth.
Facing the good and bad of the past year takes courage, especially in re-living painful experiences. But self-evaluating the highs and lows in your past year is just the first step.
Sharing your findings with the entire world takes it to a whole new level.
In this post, I’ll talk about the benefits and downsides of making your Year In Review public, and why we’re afraid to fail.