The Key to Good Decision Making in Business

When it comes to running a business, it may feel like you almost need to become a decision making expert overnight. At the end of the day, our decisions will be the make or break of our business. So, the question is… how do we actively choose good decisions?

"Good decision making can take time to master, and the sooner you start practicing the better you will become and earlier in your business journey."

But what is a good decision? Here’s where it can get a little confusing.

Sometimes a good decision is easy to understand, other times it is completely personal to you and your business. Two people might make completely different good decisions in the same situation purely based on their desired outcome.

Good decisions can also be making the hard choice that you know in the long run will be the better choice, to more tangible practices like looking at reports and current trends within your business. We’re about to dive into the tangible side of decision making, focusing on all things numbers and how simply understanding and tracking your business analytics can be a game changer for your business.

Understand your business numbers

When it comes to your business, looking at the numbers is one of the most important things you can do. And the reason for this? Because numbers don’t lie, they are a clear indication of your business and how it is going.

The numbers can show you the number of leads you have in your sales funnel, the number of converted sales you have, engagement levels of your website and social media channels, the financial position of your business and so much more.

"By looking at these numbers, you can see where your business is currently sitting, things that you can change and what is and isn’t working for your business."

The numbers are there to help you and to show you how to make good decisions that are going to benefit your business. If you can’t understand your numbers (we’re not all number people) it might be a good indicator to hire someone who can and work with them so you are aware of what’s working and what’s not.

Why is it important to look at analytics? 

When it comes to checking your numbers, one of the first places you should look is your online analytics.

By checking your analytics you are able to see exactly when, where and how people are viewing your website online.

It is a great tool to help you not only see what is happening at present, but to give you guidance in changing your strategies and implement different strategies to help increase the number of people that are seeing your business.

What can analytics and data show you? 

There are many different things that you can see and learn from your analytics that can help you with your business decisions.

By looking at your analytics you can see how people are finding your website. By looking at the acquisition tab on your Google analytics screen you are able to see how people are finding your website online. This is a valuable tool to have because it can show you areas where you may want to increase promotion or use paid advertising.

Ever wondered what people are doing when they are on your website? What pages they’re spending the most time on? What page they’re on when they bounce? This is all data that you can find through your analytics.

"This is important as it can help you to change content on different pages to make it more engaging and help people to stay on the site."

Your analytics can also help you to track conversions and keep a track of those who have visited your website based on a current promotion or lead in page. By using the conversions section of Google Analytics you are able to select an activity that you want to track, such as newsletter sign ups or opt ins.

What kind of data should I track? 

When it comes to checking your data and using that to make the decisions in your business, there are a few different areas that you can investigate. It is important that when you are looking at your online data that you are looking at how all the pieces come together and what is helping to make it successful.

One of the first areas that you should look at is your engagement across your social media channels. This can help you to get a feel of those who are following you and if the content that you are putting out is relevant to them and engaging with them. You can also check the number of people you are reaching through your posts. Are you reaching more than just those who are following you, or are you struggling to even reach those who want to see your content?

From there, it is a good idea to look at your website statistics through either the back end of your website or through Google Analytics. Check whether those who are following you on social media are clicking through to your website using the call to action on your posts.

"Your website statistics will help you to see when, where and why people are visiting your website. This data can help you to make changes to your website content and how people see it, to help make it more engaging for them."

It is a good idea that you set aside time at least once a month for a full in-depth analysis of your website analytics and data. You should be looking at all areas of your website including:

1. The ratio of your visitors between new and existing.
2. Your current bounce rate.
3. The length of time people are on your website.
4. Which pages they are visiting.
5. Whether they are looking at your site from a desktop or mobile.
6. Where your traffic is coming from geographically.

But how is data the key? 

So now that we have told you all about the data, I bet you’re wondering how that helps you make good decisions in business right?

The data that you are able to find and collate from your online marketing can help you make good business decisions moving forward. It can help you to change your strategy, focus on particular areas and build your business in the right direction by showing you what areas of your business are performing well and which areas might need improvement.

Use the data to your advantage. Use it to build your business in the right direction and make good decisions.