When you’re running a business, working in any kind of managerial role or simply taking decisions on behalf of one for example as a marketing agency entrusted with a budget, what you’re doing every day is choosing where to spend resources to get the best results for the smallest investment. Those resources might be literally money, but the resources you have at your disposal could be the work-hours of the team you’re managing, the reputation of your company, even personal favours built up over time.
You need to make shrewd use of these resources, putting them into projects that bring in a bigger return than spending them costs. This doesn’t just mean profit: one of the most important things you can do is begin to recognise more indirect gains, from building a reputation for quality with your customers, spending money to build in risk avoidance systems that reduce loss from future projects and avoiding false economies, seeing the bigger picture is vital as you rate your decision making and account for it in front of others.
One of the most important factors at work here is the use of data to inform each decision you make. Using research on your own company, and from market research agencies like Attest mean you can approach choices with confidence about what your consumers want, the extent to which they’ll trust your brand, and exactly what you can do to get it to them. It ensures you’ll avoid problems like over promising, which can harm trust in your company in the long term and drive away the loyal repeat custom that success is founded on. With good data you can start to predict the outcome of your choice, and this modelling allows you to steer towards good outcomes and away from bad ones.
It’s important that your research and data gathering looks back as well as forward. Don’t just walk away from a project, especially if it’s gone badly (or at least, not as planned). Review your decisions, look at where your expectations differed from reality and try to work out why: you might need to make some personal changes if your preconceptions are causing to allocate resources wastefully, or you might need to change your data gathering and analysis techniques to better your ability to predict how your choices will turn out and make sure you’re making the right ones.