About the Speaker Mark Friedman
A career in business, infused with a pretty good amount of angel investment experience, has given exposure to a fair number of “blind spots.” Mark has either worked with or advised companies in a number of industries of various sizes, glad to share some insights gathered through the years and hopefully help others avoid some of the more catastrophic issues blind spots can lead to
Watch "Lessons learned from managing high growth companies"
on BBSE
Listen to business experts and the blinds spots they see.
Hear the blind spots and understand how, through data and analytics, you can eliminate those blind spots.
Podcast Bullet points
Importance of Identifying Business Blind Spots: The podcast focuses on how data and company culture can work together to improve business outcomes. Blind spots in businesses can lead to incorrect decisions, thus understanding them is critical for sustained growth.
Role of Culture and Accountability: One of the key aspects discussed was the impact of culture on business sustainability. Culture isn't a one-size-fits-all concept but should be tailored to suit the specific needs of a business. Accountability, both from the founder and employees, plays a critical role in establishing a healthy culture.
Data Interpretation and Decision Making: While data is useful, it can also be misleading if not used correctly. The discussion delves into the risks of purely relying on data and highlights the importance of using data to support human judgment rather than replace it.
Employee Engagement and Feedback: Listening to employees and understanding their challenges can provide invaluable insights for decision-makers. If an employee is going to be fired, for example, that should not come as a surprise, indicating transparent and ongoing communication is crucial.
Adaptability and Unique Business Circumstances: Strategies such as customer satisfaction policies or employee benefits may work well for one business but not for another. Understanding the nuances, such as employee age demographics or customer expectations based on the type of business, is essential for long-term success.
To further substantiate these points:
- According to a Gallup report, companies with high employee engagement show a 21% greater profitability compared to those that don't.
- A Harvard Business Review study revealed that businesses that leverage analytics are 5% more productive and 6% more profitable than their competitors.
These points highlight the importance of adopting a balanced approach between data analytics, company culture, and employee engagement for optimal business performance.
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