Data drives everything, and as a small business owner, you need to understand your data if you want to grow. Derek Doel, founder of Analytics Odyssey, joined the Keep Going podcast to share his insights on how small business owners can effectively use data to help manage their company.
Before starting his own company, Derek was working with a startup that grew incredibly fast. In the span of two years, the company grew from 10 employees to over 200. “During that period of growth, we invested in career development coaches for managers, and really she was coaching me how to be a better entrepreneur. So I started a website, picked a company name, all while leading this team,” says Derek.
Soon after, he took the jump to start his own business providing data management and consulting services.
“Things that happen in your business will be forgotten unless it’s in data,” says Derek, who mentions that the term “data” can mean something different to every business, depending on their stage of growth and the goals they are trying to accomplish. Whether you are trying to save money, get more customers, or just want to stay afloat, the answer is in the data. That’s why Derek and his team focus on helping businesses find that data, understand it, and use it to make informed decisions.
And the most important and relevant data all businesses should be tracking revolves around customers, Derek notes. By understanding the customer experience throughout their journey, business owners can make decisions that will lead to future growth. “As you become more comfortable with those numbers, you will grow measurement techniques from there on how to change behaviors that you want to see, whether that’s more customers, better conversion, or more engagement from customers after they have been converted.”
However, Derek knows firsthand that growth does not come easily. About the emotional journey he’s experienced as an entrepreneur, Derek shares, “When you’ve worked harder than you ever worked before, and made more money than you have made before, but you are still more broke than you have ever been before, you’re in it. That’s an emotional toll for you and for your family.”
Derek mentions that leaning on his routine has been key to keeping a work-life balance. “The gym is very important to me, and that has never strayed,” says Derek. He is also very strict about keeping work time and family time separate. “If it’s after hours and you are messaging me, I will stonewall not discuss it, because I refuse to work while I am having my family time.”
Derek believes a big part of his success, and his advice for other entrepreneurs, is his growth mindset and drive to be better. “That is a lot of what drives me every day,” says Derek. “To me, it’s the version of me today—I can be better than that tomorrow, and that will be my attitude regardless of the circumstances in front of me.”
If you are a small business owner who wants to understand your data better, or if you want to get a better understanding of what Derek’s team offers, reach out through their website at analyticsodyssey.com . “Definitely connect with me,” says Derek. “I can tell you how to use data for your competitive advantage.”