So, as year five winds down and I have reflected on the key metrics I established back in 2012, it seems the right time to add a few more data points to the mix.
For me, having metrics that you can measure against progress and use to make educated course corrections is the most important part of any business plan.
My first five-year plan was all about establishing myself as one of the top Analytics experts in the Philippines. Based on the number of Filipinos I have trained, the number of Filipino colleges and universities I have worked with and having established a profitable business, it is now time to think about how to expand my horizons.
Going forward the goal is not to just have one of the top analytics brands in the Philippines, but to expand that brand name outward. We will expand in terms of both geography and in terms of content offerings.
I love new things, so the sky is the limit, but I have these 3 things in mind.
The first new metric I will add will be number of trainings with partner speakers. I want to take analytics out of just being for analyst and find ways to use my gifts to empower and educate non analytics people as well.
To do this, we will partner with other innovative and progressive minded trainers and speakers here in the Philippines.
The second metric will be based on geography. I have given talks and trainings mostly in Metro Manila. On the average I have visited about one province a year to deliver a presentation or conduct a training.
Over the next 5 years we will plan activities outside not only Manila, but outside the Philippines as well. I already have one webinar lined up for a U.S. audience in February and will be looking for more places to talk about analytics. Sharing my passion with the world!
The third metric will involve revenue. I can’t imagine any business being successful and not having good analytics when it comes to increasing revenue and growing profits.
Originally the primary financial metric I cared about was net profit. Could I build a business based on analytics that could generate enough money for me to comfortably live on?
Now that we can positively answer that question with a resounding yes, the next question is can we sustain it?
When I started, I had one source of income, analytics training.
As of now we have revenue coming in from 4 sources of income; analytics training, management consulting, outsourcing and book sales.
I need to add at least 3 more streams of income over the next five years to reach my personal goal of having 7 streams of income.
The most likely source will be investing in side business that can generate income without my day to day involvement.
So, I have just doubled the key metrics I am tracking to measure the success of my efforts.
Over the next few years I will monitor the results to see if I need to make more course corrections to get me to the end goal of successfully having executed my second 5-year plan.
Stay tuned! It’s going to be even more of an adventure then the last five years!
Business Strategy with Analytics – Aligning a business strategy to drive an organization forward requires a robust analytics solution. Businesses who have good analytics tend to be much more profitable and efficient then ones that do not. DMAIPH has helped dozens of companies in both the U.S. and the Philippines with adding more data analysis in their business strategy. Contact DMAIPH now at email@example.com or connect with me directly to find out what we can do to help you align your business strategy with analytics.