Taking risks is becoming quite the virtue these days. However, do the facts really line up? Can you really rely too much on the data and less on gut-feeling? Well Jill Dyche of the Harvard Business Review might have something else to say:
“Savvy managers understand that weaving data-driven decisions into the fabric of corporate governance can obviate organizational infighting and drive progress. By establishing clear accountability measures, managers can determine whether and how corporate goals are being achieved, and hold people accountable for how they are achieving those goals. ”
The above quote is simply a small piece of the larger reality Dyche has written about. These days, despite our advancements in high-speed, high-storage information technology, there still exist companies who act too much on what’s arbitrarily subjective instead of the simple facts and hard data.
As a financial service provider, you should be right up there in maintaining the balance of heart over head in company management. The problem of course is that these days risk-takers continue to have a large following of hero worshipers both in the business world and beyond. Another recent example would be the debacle of Facebook’s IPO. Prior to the event, many a business blogger and columnist have expressed concerns over the huge risks investors are taking in buying Facebook shares.
In the following Businessweek video, you’ll see just how many are starting to regret jumping in on the social media hype based on Facebook’s performance:
Despite Mark Zuckerberg’s success, if there’s one thing you can take from the statistics in the video it’s the fact that risk taking isn’t what it’s cracked up to be. But if there’s one thing that does minimize such risks, it’s data.
It’s quite logical really. The more information you have, the more you’ll know about what you can and cannot do. Relying on one’s own gut might work if you were some hero in an action movie but when it comes to business, it’s time to tone down on gut and let the hard facts and hard data take the wheel.
B2B lead generation can be a good example here. You don’t just purchase a contact list of businesses and start calling away. That list needs refining and your marketing strategy needs quality data to act upon. In fact, this isn’t just limited to the finance industry or even the whole B2B market. It applies to all businesses. Companies like yours though are one of those who know just much can be accomplished if you used data to your advantage. In the case of your leads, it tells you if they have the budget to business with you. They help you manage your time when setting financial appointments. They tell you who talk to about your service. In fact, even the numbers still play a role because not having them leaves you with nothing to start with.
Of course, there will be moments when there is still so much uncertainty but the guy who followed his gut comes through with a success story. However, there is just as much virtue in keeping yourself informed and using that information to steer clear of any trouble. Taking risks should be a last resort, not a popular option!
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