When business owners start out on their new business venture, data is quite likely to be one of the last considerations. Focus is more likely to be on getting customers or clients to buy their product or service. Afterall, what is a business without customers and sales?
Data can often be an afterthought or given little thought at all because sometimes, it can be hard to see the point in capturing data. Isn’t it just a waste of time and resources having to pull it all together? Well, it can be. That is, if the right data is not captured and nothing is done with the data once it is captured.
The process for capturing data needs to be simple. If you have a team of people processing customer orders, it is important that they are processing the order consistently, not only so that the customers receive the same great customer experience, but also so that the data captured is consistent too. Data that is not captured consistently has little value.
But why do we need to capture data at all? Business data provides a real insight into what is going well and not so well within your business. It gives you concrete information based on what historically has happened in your business. This gives you valuable information on how best to grow your business and make good evidence-based business decisions. Good business data gives you an understanding of:
- Who your most valued customers are?
- What your most popular product or service is?
- How many enquiries progress into sales?
- Patterns in demand throughout a year.
- The length of time it takes from initial enquiry through to the end sale.
- The number and type of complaints received.
The list could go on. Data can be captured to measure any part of your business. If you do not currently capture data, establish what you would really like to understand about your business. What decisions have you been faced with that you had to guess the answer to because you did not have anything to back up your answer? Once you have established the criteria, processes can be put in place to make sure the data can be captured in a consistent manner.
If you would like external support with your business data, we work in partnership with businesses to maximise your day and get your business ready for growth. I offer a free 60-minute consultation which provides you with clear next steps for moving your business forward. Get in touch.