Just like without faith it is impossible to please God, without data and relevant statistics it is impossible to please investors and clients. TD Jakes in his book ‘Instinct’ advices that “…after you let your hunch lead you somewhere, you do your homework and get all the facts required”.
“A key to being in any business is getting the numbers right. If the profit is not there then you are simply not in business” (Business As Mission – www.businessasmission.com)
Smith lives and works in the sprawling city of Lagos as an advertising agent for companies and individuals that desire to showcase their wares, services or name change in national media. Smith is IT savvy so he takes the scope of his services to the electronic media and IT. But he doesn’t stop there. He is one of those skillful people who learned from experience that you don’t just push the work out. Analysis is required in his decisions on when, where, why, how, who, what would be involved in his adverts.
For instance, consideration is made of who the target audience is, what medium is best to push out a particular content, what time? Etc. His knack for the right statistics is informed by his need to reach a certain demographic. He is deliberate enough to ensure clients’ wares of diapers are seen by young parents who will consider buying. He’s also deliberate enough to consider the time his target audience would be available, e.g advertise product for the aged in the early hours of the day. He’s still studying the best medium for advert of particular products, although he’s sure his name change adverts should remain in the dailies given the requirements.
To all his smart and hard work, Smith’s also learned to have his numbers handy and not just bandy figures. This has not only helped him to state the right price and get the right reward for services. Getting his numbers right has helped Smith build and retain a good client base. He is always careful to reel out the figures with all relevant factors put into consideration. After several costly experiences of undercutting himself such that he bore the value of his under-quotes, he took lessons like Finance for Dummies to develop his financial, analytic and computing skills.
Smith’s profits have climbed since he dedicated himself to getting the numbers. He also dedicates time each day to know if there are changes in figures that may impact quotes and revenue.
Where your figures or data are not intact as a corporate entity, you will spend quite some time trying to convince potential investors that you have your fundamentals right. You are also bound to loose patronage more often when competition gives better quotes for same service or products than you.
Getting your numbers right as a business gives you leverage over the competition but you lose that edge where you take this for granted. Use every opportunity to sell with the right figures.