Using Data to Make Better Business Decisions
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Using Data to Make Better Business Decisions
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In this episode of the Prime Resources podcast, Todd Neely, head coach at BDR, discusses the importance of using data to make informed business decisions. He emphasizes the need for contractors to understand key metrics such as breakeven points, leading indicators, and financial benchmarks. Todd shares strategies for tracking data effectively, the significance of timely financial statements, and how to use data to celebrate team successes. He also highlights the importance of transparency in sharing data with team members to foster engagement and drive results.
Time Stamps- 00:00 Introduction to Data-Driven Decisions
- 01:36 Understanding Key Metrics for Beginners
- 04:25 Advanced Data Points for Successful Contractors
- 09:45 Frequency of Data Review
- 12:50 Benchmarking for Success
- 16:27 The Role of Profit and Loss Statements
- 20:57 Data Strategies for Business Expansion
- 27:06 Success Stories and Pitfalls in Data Usage
- 31:45 Final Thoughts on Data Transparency and Team Engagement
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