This is a new weekly newsletter that will be focused on going “deep” on a specific framework, method or strategy for scaling past 7+ figures in your online business.
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In my Online Business Invest newsletter last week I wrote about how I manage the growth of over 40 businesses that I own. (Read here)
One of the 5 hacks that I shared about doing that?
I wanted to dive a little deeper into today.
And that is the flow of information.
When building a business at the beginning, your ability to obtain information is extremely easy.
You’re in the trenches.
You understand your customers.
You understand your finances.
You understand your marketing.
And generally, if you don’t understand it, you can spend 3 days and figure it out.
The problem is… that as you grow and scale this doesn’t work.
Because as you grow, there are layers to the information.
And those layers can increase in complexity.
The problem with this is… if you don’t have the right data, your ability to make the right choices becomes more and more difficult.
You can make the right choice, but with the wrong data, it won’t create the results you wish to create. This is what occurs so often as you start to scale as you go from the “old way” of doing things to the “new way”.
Either you become overwhelmed with information and you simply discard it.
Or you aren’t getting the right information and thus you can’t use it.
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Almost every time an Entrepreneur implements KPI’s they try to be some super crazy 9-figure business.
Truth is… that doesn’t make any sense.
Thus, when you’re attempting to have information or key performance indicators flow to you, ensure they are simple.
It should take you less than 20 seconds to know if something is going good or it needs help and support.
When I’m giving data, I’m slow to react to the data.
That doesn’t mean I’m ignoring the data.
However, most data is skewed and not giving the full picture.
Is the landing page converting at 60% because we have terrible traffic or is the message clear?
Is the client unhappy because of what we’re delivering or are they going through divorce?
Did we miss our sales target because the sales person isn’t good or is it that they don’t understand the product?
When we slow down our timing of collecting information and then develop a true picture of the data, we can make truly great choices.
Communication as you scale is the only way you can scale.
Understanding how someone is communicating and what is behind their communication is important.
Everyone has their own perspective.
Everyone has their own story.
Everyone has their own agenda.
Understanding the lens that someone has when they tell you something, allows you to understand the data.
Are they afraid of you?
Do they not like someone that you like?
Are they stressed out?
Are they afraid of confrontation?
Is there resentfulness that you don’t know about?
Like every relationship, there is data and then there is what’s actually happening.
You must interpret both.
Many times, as you grow, what worked in the past won’t work any longer. However, you won’t know it didn’t work, until it hasn’t worked multiple times.
The problem is that generally those around you will know something isn’t working before you do. However, if you don’t review the data or review with them and actually communicate, you won’t know until it’s really bad.
Thus, I suggest reviewing the data every week, at a minimum and spending 4 times the amount of time that you do reviewing the data.
Being able to use the data to see the picture is the only way you scale once you’re generating a few million a year.
I could write a book about just this…
However, what you must remember about data flow…
Is that without the right data, it’s hard to get the “read” on our intuition.
And if we can’t move forward with our GUT and your HEAD…
It’s really difficult to be able to make the choices that allow us to grow our business.
Until next time…
You’ve spent years building a business, pouring sweat, tears, and an obscene amount of coffee into its growth, and now it’s time to step back and sell. Mac Lackey shares actionable strategies that will significantly enhance your business value making it an irresistible asset for potential buyers.