2 Areas of Your Business You’re Probably Overlooking
Two reasons your business might fail and two areas that many small and medium sized business owners lack the understanding of is creating a database and continuously analyzing that newly organized #data.
As a business owner, you either assume the responsibility or outsource the role of book keeping, taxes, distribution, sales, marketing, etc. Far too often, the role of an analyst is overlooked. Since the definition of the word ‘analyst’ is very vague let’s go one step deeper: #Analysis.
Analysis - A detailed examination of the elements or structure of something, typically as a basis for discussion or interpretation.
Think about all of the areas of your business that generate more and more data as you grow; Finance, Accounting (often times many sub-departments), Marketing, Sales, Inventory, Communications, IT and any other living, breathing department.
Take your macro perspective and move it (temporarily) to the side. Here are a couple simple suggestions to help you learn to create a database and dive deep into your data.
1) Create a Database – Start small. Plan to scale. When you need help, ask for it. Not everyone needs to start with a data warehouse as large as Redscript or Azure. Create tables within a spreadsheet program such as Microsoft Excel. Find ways to better organize the information so you can easily import, understand and manipulate data. Keep this organized and simple so that as your business grows, your systems can grow as well.
2) Analyze your Data – Now that your data has been collected, organized and hopefully maintained, you should take a closer look. Visualize the information, create dashboards, charts, tables, graphs & reports. Make them easy to understand. Find the right software and remember to plan for scalability within the software you’re utilizing and information you are collecting.
There’s a variety of software at our disposal with a pretty wide price range dependent on your business needs including Power BI, MySQL, SSMS, SQL Analysis, Tableau, SiSense and so many more.
Often times, the problem is not that we overlook storage and analytics, but that we are untrained in how to build these systems and interpret this information. We don’t know which ratios to look for or which trends are actually valuable.
But don’t worry, there’s a reason that only pilots fly airplanes, but they don’t give free consultations.
In today’s technology driven economy, data analysis is not just for the large corporations. It’s for every business. Whether you’re trying to improve daily operations or get over that plateau It’s your time to take advantage of #strategy.
If you’d like to discuss the way your business is operating and the options you have moving forward, call or email us by using the information below.