Keeping your finger on the pulse
Having an accurate insight into how your business is performing is essential to make informed decisions. We live in a fast-moving 24/7 society where real-time information is ever-more necessary to ensure quick and effective responses to fluid circumstances.
You only have to watch Dragon’s Den to see people lambasted by the fiery dragons because they don’t have a handle on some of the most basic statistics and data on their businesses.
Gone are the days where you could examine performance on a quarterly or annual basis. It’s what’s happening here and now that matters.
As a quick test, how many of these questions could answer if Duncan Bannatyne stopped you in the street tommorow?
Which are your most profitable business streams today? What is the average cost of making a sale? Which debts are currently running over 90 days? What’s your current live bank balance? What is your month-to-date profit? What is your month-to-date revenue? How many orders have been generated this week? What are your salesforce’s plans for next week? Where will they be? What will they be doing?
So how did you do? I’d be interested to hear.
Automating the flow of information and incorporating business intelligence functions is one way of plugging into real-time facts and figures. If you want to know more about how you can do this, give me a call.