When it comes to measuring business success, for many people ‘success’ means that the result meets their expectations. When measuring business success, if we achieve a result that does not meet our expectations, then we can write that off as a failure.
Measuring business success with data vs drama
When measuring business success with clients, I train them to make the distinction between data and drama. Measuring business success means looking at the data – the facts of what actually happened vs our opinions or emotions about it.
Drama is the opinion we have about that data. So we might think, ‘that’s not enough’ or ‘that’s disappointing’ or ‘No one’s buying.’
When measuring business success, it’s understandable that we might have these emotional responses. But it’s a mistake to make future business decisions based on them.
When you’re growing a business, whether you want to double, triple, quadruple, or even 10x your revenue, the way to do that is really simple.
Simply do more of what is working, and stop doing the things that aren’t working.
That advice is very simple. It becomes challenging to execute when we are measuring business success through the lens of drama vs data.
Think about some of the things that you think have been your biggest successes over the last three months in your business, and also the things that you think have been the biggest flops or failures in your business.
How much of how you measure business success is based on hard facts, numbers, statistics, and how much of it is more a subjective evaluation ie your feelings about it? Maybe your expectation was that you were going to sell more, but you didn’t sell as much so you were disappointed.
Several years ago, a client sent me an emotional message about her launch: ‘It’s not working!‘.
She was ready to pull the whole promotion.
When I took a closer look at her numbers, I could tell that she was on track to make 6-figures with this launch.
Because I wasn’t emotionally involved, and I had the experience of measuring business success in previous 6 figure launches, I was able to look at her numbers without drama and interpret them.
On the basis of my advice, she kept going, and sure enough, ended up with over $100,000 in sales. Had she allowed her emotions to rule her decisions, she would have totally missed this succcess.
Are you measuring business success and telling yourself that things aren’t working’? Would a closer look at your numbers reveal certain things are going very well and you just need to do more of them? Measuring your business success accurately is a key skill to develop if you are committed to growing your business.