My Favourite Motto: Trust Your Gut and Understand the Data

Today's episode is about my favourite motto: trust your gut and understand the data. I explain the importance of both trusting your intuition and analyzing data when making business decisions.

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My Favourite Motto: Trust Your Gut and Understand the Data

Hello everyone, I hope you are well today. This is of course Tuesday, which means that it is time for training Tuesday. So thank you for joining me once again this week. For those of you that are new to me, if you're stumbling across this video wherever you happen to be seeing it, my name is Annette Ferguson, I am CEO of AnneteandCo., UK based accounting firm, I am a chartered accountant, certified profit growth professional and small business growth strategist. Ultimately, we help small business owners take home more money in a business for them and their families to enjoy. 

Today, I am talking about my favorite motto. This is something that I heard probably maybe five years ago. And it's something that stuck with me. And it's something that cycles in my brain all the time. I want to share it with you today and get you to think about how it might work in your business and maybe even your life as well.

So like I said today is Training Tuesday. And that is where I am live in whichever platform you happen to be watching in every single Tuesday at 11am. So do make sure that you pop that as a time in your diary so that you don't miss one. And you can you can watch and tune in any questions and comments as we go along, please feel free to use the comments section on whichever platform you happen to be watching in.

I would love to see you guys there. And please do say hello, if you are watching as well. And if you're tuning in on the replay, give me a hashtag replay in the comments.

Trust Your Gut and Understand the Data

So that I can say hello to you at a later date as well. So without further ado, what is my favorite module? Well, my favorite module is trust your gut and understand the data. The and is very, very important. Because both parts of that motto are incredibly important in our lives and in our businesses specifically.

Trust Your Gut

So I have always found let's look at the first part of that motto, I have always found, if I have gone against my gut instinct, when I am doing something for my business, it has come back to bite me. And whether that is you know, speaking to a prospective client who I think this probably isn't going to work out great. And I take them on anyway. And then it always goes badly, or any other decisions that I'm making in my business, when I ignore my gut, it inevitably does not work.

The importance of gut instinct in business decisions

So it's really, really important to trust your gut when you're running a business. But it is equally as important to understand the data that exists. Because the data in our business is gives us solid, solid information, solid data, that's a terrible word to use twice. But it gives us the backup, the backup for our decisions. If we're unsure of something, that data can be a really solid place to start.

If you're not sure what path to go down the data is always a good one. If we're not sure if something's working that well, in our business, the data will tell us. So having both of these things working in tandem in your business, it's very important for me to have that in my business. And I suspect that it might be something that you might want to think about weaving into your business as well.

Of course, trusting your gut is not necessarily something you could weave into a business process as such. But it is something to take into consideration and also to understand that if your team have a gut feel about something to acknowledge that as part of their process, and to acknowledge that in your business as well, and to also back up decisions as necessary and where necessary with the data.

Understand the Data

So many small business owners do not track enough data in their business. The main thing is that of course you need to track your profit and loss and your cash, your forward cash flow and what's happening there. But you also need to particularly things like the number of leads that you have the conversion rate, if you this isn't your if you're in a service based business, the conversion rate to them becoming clients the average length of time they are with you the average client spend the those types of data points are things that people often don't actually track and measure fully in their business.

The importance of data in making solid decisions

You really struggle to make solid decisions on what's working in your business and what's not if you don't have those data points, so I highly recommend for most people listening in watching this, you will need to track more data in your business than you're currently tracking. We have a shedule, that once a week, we update a spreadsheet that has the data points in there that we want to look at. And that means over time, we start to build up a data picture in our business. And this has been happening in my business for years and years now.

So we have a great set of data to be working with. And we know when things are looking a bit different. And we can analyze the cause of that. Have we done something different in the business this week? Is it other factors that are impacting and we can make decisions off the back of that. And so I highly recommend that you probably need to track significantly more data in your business.

You already are. And I've actually thought of a couple of other things that I want to start tracking in my business as well. I want to, I want to be tracking as much data as I can because at worst, you don't use it at all, you ignore it. But at best, it gives you solid grindings for decision making going forward in your business. So I hope that that makes sense to you my motto, trust your gut and understand the data. I'd love by the way to know if you have a favorite moto in your business.

Do let me know in the comments. I would love to know what that might be. Hi, Rachel, Happy Tuesday to you as well, I can see that you've uh, you said hello, which is always wonderful for me. 

So yeah, I would love to know, if you have a motto that you stand by you run your business by, I would love to hear what that is. Because like I said, I heard this one a number of years ago. And it is something that I always keep coming back to, as always, you know, on the top of top of my mind that an expression is always in my mind when I am making decisions in my business.

Conclusion

And let's face it as a business owner, many times we are making hundreds of decisions every single day, whether they're micro decisions or larger decisions in our business. So if we have this information to hand and we can rely on our guts at the same time, then that will stand us in good stead as we are growing and running our businesses. Thank you everyone so much for tuning in today. I feel like this has been a slightly shorter than usual session, but an important one nonetheless.

Now let me see if we have a topic for next week. Oh, speaking about morning routines next week. And this might be a little different to how you might expect me to be speaking about morning routine. So I urge you to pop that in your diary and tune in for that session next week, same time, same place Tuesday at 11am. On whichever platform you happen to be watching on today, we will be back there again the same time next week.

Just as I've not used a module in my business, but I knew I need to track my data more and learn to read it. Yeah, absolutely. Rachel, it's um, it's a really, really big thing. data tracking, I am a massively massive believer in it. Because it really does help.

It really, really helps make the decisions, you know, in the same way that many people ignore their financials, and they don't want to look at their profit and loss and balance sheet. But once they actually read and understand that they can glean so much more information about their finances of their business from that same with the other pieces of data in your business, don't ignore detail, because, you know, many people might ignore it, because it's numbers and it's scary, or they just don't want to really address what's behind the data. Because you know, apart from anything else, we've got a million other things to do on our to do list and I get it.

Final thoughts

I'm also running a small business. So I completely get it. But it's a it's a really important part of decision making in business, in my opinion, is to get really, really great data running in the background in your business. So thank you for that. Rachel, I really appreciate that comment. Same time, same place next week, we'll speak about morning routines, but not perhaps in the way that you might think we're going to speak about morning routines. So I cannot wait to share that with you next time.

Please do pop it in your diaries. Thank you so much for tuning in today. I know your time is precious. I appreciate you spending some of it with me on this Tuesday morning. Take care everyone and I'll speak to you all really soon. Bye

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About the Author

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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