ANALYSIS WITHOUT PARALYSIS: WHAT DATA DO YOU NEED TO EFFECTIVELY RUN YOUR BUSINESS?
Every business generates data, whether it’s through tracking your website performance and product sales, or analysing intelligence from competitors. With today’s advanced technology you have the opportunity as a small business owner to unlock business growth, by honing big data and taking advantage of applicable analytics.
Berley is an established London accountancy firm helping ambitious entrepreneurs achieve success. We help a wide variety of clients identify and assess growth opportunities, develop exciting new ventures and expand into new markets while maintaining a stable financial core. Our highly qualified team of business growth consultants have proven experience working with small businesses and we have all the hard-hitting questions that can set you on the right business growth path.
We are business growth specialists – 020 7788 8261
Data are everywhere, the trick is to know what data to use. Here are areas where you can pull data from to maximise your business success rate:
Service or product performance
When comprehending the performance data of your goods and services, the textbook answer is to focus on the money-making items while cutting loses on the money-draining lots. But in reality, as an entrepreneur, you know that there are many more sub-areas to consider, from how an ad campaign performs to subtlety in packaging and logistics. In fact, by looking at sales volume in isolation, one might not see the potential of product diversification or dream up a new distribution model.
This is where Berley can help. As chartered accountants, we rely on numbers and data to guide us, but we also have years of solid experience to delve deeper and examine areas that are often overlooked by others.
Cost of labour
Your data on labour cost is another area that can help you to plan and maximise your profit. For example, December is usually a busy month for many businesses and extra help is often required, which may mean any extra profit is offset by the extra labour cost. If you can envisage the ideal scenario where you fulfil most orders prior to December and without having to incur any extra overhead, you may be motivated to devise plans to make that a reality.
Success of online advertisements
Entrepreneurs can advertise on almost every social media platform or website these days, and tracking the success of these ad campaigns is critical to gain the best return on investment. Most online platforms offer built-in analytics for specific ads, so businesses can understand the data behind their ads fairly easily. This type of data analysis can help you determine if your ads are leading to the sale of goods and services or not.
Every business is unique and the data analysis process will differ from company to company, so the decision is ultimately yours. As expert business growth advisors, Berley can help your business determine strategies to help achieve your growth goals.
Call us today on 020 7788 8261 to form a growth plan that produces real results.