The Importance Of Comparative Data In Assessing Business Performance
Last summer, some bright spark at work suggested we have a walking challenge between all the staff to see who can complete the greatest number of steps in 10 weeks. Every day then, we each had to post a screenshot from our phones, showing the number of steps from the previous day.
I was thrilled! My dog and I walk 9km every morning before starting work, more at the weekends. I was convinced that I’d win the competition easily. There was not a doubt in my mind that I walked more than everyone else – I mean, who walks more than 9km each day?
So, the start day came along. As always Hector (the dog) and I stepped out for our usual jaunt and completed our normal 9km route. I then took the required screenshot submitted my step count and waited for everyone else to submit theirs. I was relaxed – I had this. There was no doubt in my mind I’d win. And then, everyone else’s numbers came in and I learned the hard way that what I thought was good was quite mediocre. Emma for instance had done 22km, and many had completed more than 15km. After the full 10-week challenge, I finished in the bottom third – what I thought was exceptional, was actually the complete opposite.
And so it is with business. No matter how well you think you are doing, or not doing, without comparisons your data is meaningless. You simply cannot make a decision on performance without comparative data.
Leveraging Data Insights For Early Years Business Success
I remember vividly having a conversation with a successful early years setting owner a few years ago at the Parenta HQ. She was brazenly telling the whole room how successful she was and how much profit her setting was making. And yet, I know there were people in that room with similar-sized settings making three times more. Again then, without comparisons, you simply cannot know how well you are performing.
Of course, the chains, both large and small can compare the performance of each early years setting against their others and make those comparisons. The vast majority though, who operate a single setting struggle to get that data, and struggle for comparisons.
This is why we created the Parenta Early Years Performance survey. It’s a relatively simple process that asks users 39 specific questions about their setting’s business performance and provides a detailed report about how you compare. We cover 5 different performance areas: finance, enquiries and onboarding, customer experience, staff engagement and training.
So, if you want to know how your early years setting compares to thousands of settings we work with, just complete our survey. There is no cost. There is no obligation. But we can provide you with some extremely useful insights.
Discover other blogs to encourage early years success by Dr. Allan Presland below:
Unlock The Secrets To Childcare Success
Unlock The Secrets To Childcare Success: Part 2
