Don't run your business blindly!

"If you can't measure it, you can't improve it."

- Peter Drucker

Considering this quote, it should become clear how accurate it is because you can't grow better at anything if you can't measure it and make quantifiable goals to get the intended outcome. For example, it's nearly impossible to lose weight without stepping on a scale once in a while to measure your results–if you don't, you have no idea if you are succeeding.

?Now, in business, Drucker's quote is remarkably accurate. You need to measure every part of your business to make data-driven decisions to manage or grow it.

For example:

• Do you know the number of new website visitors you received in the last 30 days?
• Do you know what percentage of them turned into new paying customers?
• Do you know the average lifetime customer value?
• Do you know your customer acquisition cost?
• Do you know how clients are rating your business services?
• Do you know the number of leads your sales team got?

Nearly 50 questions such as these; measure each aspect of your business.

Now, let's move on to Peter Drucker's second famous quote:

?"Management is doing things right; leadership is doing the right things."

Let's begin with the first part of this crucial quote. "Management is doing things right." Improving operational performance, maximizing revenues, and reducing expenses while increasing production values and audience appreciation are the things that management should be doing right. So, is your management doing all these things? If that's not happening, then it's hurting your business.

?And now the second piece: "leadership is doing the right things." Setting organizational priorities and allocating human and fiscal resources to fulfill the organization's vision are the things that leadership should be doing right. So, my question for you is this: Are you doing these things correctly in your business? Before you respond, let me ask you this: do you know what you should do daily to get the most out of your time?

?Unfortunately, most entrepreneurs and owners don't.?

I give you these two Peter Drucker quotes and their interpretation to help you determine the answer to the question, "What is the #1 mistake you are making?"

Which for most entrepreneurs and business owners is: You're running your business blind!

?You can't improve since you're not measuring your performance. Worse, you have yet to decide what you should be focusing on. It's like running around in a maze; you've lost track of where you've been and have no idea how to get out.

?As you might know, according to Dun & Bradstreet, 91% of businesses fail within 10 years. And according to the United States Census, only 3.9% of businesses make it to $1 million in sales. And only 0.6% of businesses make it to $5 million. And less than 0.1% make it to $10 million and above. This lack of success is because these entrepreneurs and business owners operate their businesses blindly. They cannot improve since they need to measure performance and devote their efforts to the right aspects of their business.

The good news is that there is a way to overcome this this, and it's called BI with AI and HI. Leveraging Artificial Intelligence, applying Human Intelligence we can gather Business Intelligence. This is done using computer-based techniques to spot, dig out, and analyze business data, such as sales, marketing, and production, to make significant improvements.

?All information from applications and programs you already use is automatically, and real-time entered and analyzed with a suitable Business intelligence (BI) system. As a result, you can immediately assess, manage, and improve your performance. Importantly, you can measure success and identify shortcomings in your organization. And they are the things you should concentrate on.

?Remember, "leadership is doing the right things" – now you'll know exactly what you should be doing. And this should be infused into each of your business plan sections.

?Ready to stop operating blindly?

?Drop your thoughts in the comment section.