How do you make business decisions at your company? If gut instinct is your guiding light, then it’s pretty likely that your business won’t be living up to its potential.
And if you’re using data, are you using it in the right way? Or is more time being spent on data entry than analysing the right data to make key decisions.
By focusing on the right metrics and using the resulting data to create smart insights that you can action, you’ll be able to make the right decisions to elevate the performance of your business.
But where do you start and how can you find the time to make more informed decisions that will drive your company forward?
7 tips to supercharge your business decisions is a guide that offers you a series of pointers to help you take the steps to use the right data and insights that will benefit your company.
It highlights why it’s important to move your focus away from data entry to data analysis, start using the right technology, improve how dashboards and key metrics are used, and it will also show you how automation can play a key role.
7 tips to supercharge your business decisions covers the following topics:
- Building your culture around smart decision making
- Knowing where you stand
- Spending and saving wisely
An excerpt from 7 tips to supercharge your business decisions
When you’re part of a small business, it’s easy to feel like every day is a sprint to the finish line. A breakneck race to complete all the tasks you have planned for the day – plus a hundred other small fires to extinguish.
But, if your business is going to flourish in the long term, then day-to-day business operations should be more like running a marathon.
Planning far ahead.
Judging when to conserve your energy, and when to put on a burst of speed.
To do that, you need to be prepared, not just for the next obstacle or opportunity, but for the one after that – and the one after that, too. And you need to ensure that even the short-term decisions are informed by accurate information.
The payoff for this type of long-term, data-based decision making is potentially huge.
Intent-based marketing company Aberdeen has found that data analytics has helped finance executives achieve increases of up to 86% in year-on-year operating profits and 32% greater financial budgeting accuracy.
But how do you find the time or the data required to prepare useful forecasts and make more informed decisions?
We’ve gathered seven key tips to help you get started, split over three focus areas.