When you’re running a business, you need to be all about success. Whatever values you aspire to, or promises you hold yourself to that you’re going to run this business differently to everyone else, you can’t lose sight of the fact that any business is a machine for turning people’s needs into profit. If you’re not able to make that simple equation work in your favour, then your business will fail.

The currency of success isn’t money, though that is important, it’s information. Information lets you make the informed choices that lead to return on your investments. Data lets you know when the right time to launch that product is; where your customers get their news and browse the web so you can target adverts strategically right to them; what the right price point is for your services to generate respect, and maximize sales. You need to be coming first in the information race to make sure you have the edge over your rivals, so today we’re looking at the most important things your business needs to know so you can make the vital decisions that drive you towards long term success.

What Customers Think of You

You have to know what customers think of your brand if you’re going to make good decisions for your marketing or products. If they think of you as a every day essential, but all of your messaging revolves around luxury you’re projecting a confusing brand image that’s going to drive customers to look elsewhere more than it attracts them to you.

You need to know how customers perceive your brand so you can make an informed choice to either lean into that perception and increase their loyalty or take the drastic step of putting in the effort to change your messaging and create a brand that reflects more honestly the service you offer.

Brand tracking from Attest, or a similar market research company can help you understand just what the market thinks of you, to help you optimise your approach to the market.

What Your Own Business Can Do

One of the worst things you can do as a business owner is over promise. If you have clients who are waiting on a delivery, on a report, on results of any kind and you’re not able to get it to them on time, or to the quality you lead them to expect, not only will you lose their custom, you’ll lose any of the people they might have recommended to your brand.

It’s also frustrating to your employees when you freely promise things they can’t do – it can lead to a catastrophic collapse in morale and resignations if it’s something you overindulge in.

Knowing just how much your people can do for you on an average and when you push them – as well as knowing how far you can push them – is one of the most important things you can know. It’s one thing to push the boundaries, to always be looking for improvement and success, but if you’re asking people to enter a permanent state of crunch, working well beyond the endurance and comfort zone, you’ll burn them out and be left with nothing. Don’t be that boss.