As a business owner, you’re looking for every advantage when dealing with competitors and an expanding marketplace. The economy shifts whenever it likes, raw materials fluctuate in price, your staff turns over, and you must pivot to ensure the success of your business. Moreover, you need data that will help you make the critical decisions that are required to keep the company afloat, serve your employees well, and drive business to the right places.
Review these three tips about keeping a data notebook and how it can be a powerful tool for business success. Even if you don’t know what you will do with all this data today, you owe it to yourself to consider the possibilities that could arise through data analysis.
1- Collating Data Helps Start the Growth Process
When you work on a data notebook with a company, you are collating all your information in one place. That alone is a powerful thing because many businesses often do not have the time or resources for data collection. You know the answers are there, but you cannot find them.
Therefore, working with an expert to build a data notebook helps you see the figures that will dictate your future without wasting what precious little time you have left during the day.
2- Reporting Made Simple
Once you have a data notebook, you can begin generating reports that answer your questions. Who is our most profitable customer? What is our most popular product? What is the profit margin on this product? What is the ROI of this investment?
With a few simple reports, you can see what the numbers are telling you. You can make decisions based on these figures, or you may start a dialogue with your team about what is next. In fact, many people might be surprised to see these figures because they simply did not realize the enormity of the situation, understand how sales were impacted by recent events, or how costly it is to do business.
3- Share Data With Stakeholders
Yes, you can and should share this information with your staff. Receiving access to a data notebook is helpful for many people who work with you. However, you can share these details with all your stakeholders: board members, investors, lawyers, accountants, etc.
When more people can see what is going on, you will hear more good ideas. You can meet with every individual to learn what they think about what they see. Plus, you may also host an all-hands meeting to discuss these opinions and make adjustments based on a group conversation.
Start Collecting Data Today
You can reach out to a firm that will help you build a data notebook, and you are free to share your records with them in an effort to go back as far as possible. Do not be afraid to share paper records, or other sources of information, and speak with an expert to be sure that you have covered everything. When you complete this process and hold the key to your success in the form of a data notebook, you are free to set the vision for your company’s future.
