What a buzzword – Data Analysis! To many small business owners, this can be intimidating and overwhelming. However, this can be a strong tool to grow their business and obtain their goals. Numbers are without emotion. Numbers tell a story. But who has time to look at their data? What kind of data could a small business generate?
Type of Data
Let’s start at the type of data a small business could generate. The old-school method of keeping a notebook near the cash register is a great start. Customers write their names and email addresses for the mailing list, but this is mostly manual. Your data should be digital these days. You can track how many visited your website or how many are repeat customers.
If you have a website, you are collecting data without even realizing it. There are Social Media analytics tools, Website analytics tools, and Email marketing reports, just to name a few. You just need to know where to look. If you simply don’t have the time, hire a Virtual Assistant to review your data and compile a dashboard.
Granular Data
Let’s take this to a granular level where a different story is revealed. It would be smart to know what is causing the pattern and why.
- Do you know which vendor offers the best value? By reviewing your accounts payable and vendor lists, you may be surprised to find out.
- Are all your product lines doing well? Is there a troubling product you don’t know about? A deeper look at your sales may reveal some interesting patterns. Small Business Computing.com reported: “It’s easy to lose sight of your product list, especially when you’re constantly adding new items and building out your inventory. Data analysis can help you pinpoint where your sales are high and can help you clean up inventory by getting rid of your low sellers.
- Is there a seasonal pattern or trend for your sales? You can adjust your inventory or vacation time accordingly.
This is just the tip of the iceberg. Data analysis is important to the future growth of your business. Data can turn into information AND information can turn into business decisions. By tracking one or two types of data, you are moving in the right direction. Once you have several data analysis and dashboards set up, you will be freed to make smarter and quicker decisions.
If time is at a premium or you are overwhelmed, hire a Virtual Assistant. She will be able to set up and maintain the dashboard for you on a timely basis. The cost-benefit will outweigh the VA expense. Check out our website at Monmouth Virtual Solutions for more information.
