Posts

Why Data is Vitally Important to Your Business

/in /by

StrategyDriven OPM (organizational performance measures) Article |importance of data|Why Data is Vitally Important to Your BusinessBusinesses have always understood the importance of data and how it relates to their success. From the very beginning, companies knew they needed to understand the market and their customers to make money; the difference was, back then, collecting and accessing data wasn’t easy. That’s not the case today, as technology has helped automate many aspects of data collection, allowing companies of all sizes access to useful information. In fact, nowadays, we have access to so much data, the bigger problem is knowing which data to use and how best to interpret it.

For data to be useful, you have to be able to turn it into actionable insights, and this is where the challenge lies for businesses today. If your company can learn to make better use of its data, it can have huge benefits across your organization.

Decision Making

We make decisions based on the evidence we have available to us. In theory, the more evidence you have access to, the easier it is to make the correct decision, but this is not necessarily the case in real life. When you have an unlimited amount of evidence, it makes it far more challenging to find evidence that will lead you to the right decision. To find the most pertinent evidence to make more informed choices, your company needs people who understand data and know how to apply that data.

You can have all the data in the world, but if you don’t have employees who understand things like SQL join types and can interpret the data, it’s of limited use to your decision-making process.

Problem Solving

Without the evidence that data gives you, it becomes more difficult to spot potential problems and find solutions to fix them. Even the most straightforward processes create data, and this data can help you when problems develop with that process. When you scale this up over an entire business, the data allows you to better understand and solve the issues affecting your organization.

Track Performance

Being able to see how we’re performing against our goals is a crucial element of business success. When correctly interpreted, data can allow you to see how you’re performing in key areas. The insights you gain will enable you to evaluate all areas of your business without any complications. The right people will be able to turn vast amounts of complex data into easy to understand performance metrics that everyone can use.

Improve Processes

This information allows you to make the changes that improve processes across your business. Small changes can have a big effect on the efficiency of your business, and we all have access to the kind of data that can lead to these changes. The challenge is finding the right people to turn that data into actionable insights. The evidence you need to make informed business decisions is there in your data; you just need to be able to find it and use it effectively.

No matter what size your business is, data can play a crucial part in your success.

The Entrepreneur’s Roadmap to Success

/in /by

StrategyDriven Entrepreneurship Article | The Entrepreneur's Roadmap to SuccessWhen speaking with groups, questions arise on how and where to get started on going into business for ones self. Often times a new entrepreneur feels he or she has done their due diligence only to learn later that they barely scratched the surface. They checked out the market, discussed the business idea with friends and family and feels they can come up with enough capital to set themselves up for success.

Unfortunately, often the amount of working capital needed to fund the project is simply not enough to account for all the expenses that arise with a new business. It seems that most businesses fail, not due to the validity of the idea, but rather that the project was under capitalized or underfunded from the start. The simple fact is that if you cannot preserve your working capital, “You won’t make it”. We have all seen great business ideas go down in flame because of working capital issues. Too often, the unforeseen – which were not budgeted for, will consume the cash that the business was relying on to bridge the gap between idea and implementation. If nothing else, budget and plan for the unknown – because if something can go wrong – it will.

Being in business for yourself, according to many entrepreneurs, is the greatest job most individuals will ever have . In doing so you have the potential to impact other people’s lives in a positive way while leading an organization to success. This can be both a blessing and a curse. If you are confident enough in what you are doing, and you have truly done your due diligence, you can have a prosperous business. If you don’t put in the time and effort to cover all your bases, you are not only setting yourself up for failure but you are doing yourself a disservice. A successful entrepreneur not only plans for the unexpected, but anticipates that it will invariably happen.

Ask yourself, “Why do I want to go into business for myself?” The first answer most of us give is that we want to be our own boss. A great perk is that most entrepreneurs can live and work wherever they want. Entrepreneurship, if done correctly, can not only be rewarding from a financial perspective but also from a quality of life perspective.

How someone with a limited amount of experience and resources thinks they can go into business and be successful is beyond me. Furthermore, what financial institution would ever loan this type of person any money? Does this mean there is little or no hope for young adults to make it as budding entrepreneurs? Not necessarily. Since most young entrepreneurs don’t have the luxury in making a lot of mistakes, they must go about this very differently. Having a partner with the experience and resources to make this idea or business a reality is a route these young entrepreneurs must take. Finding a business mentor can be the difference between success and failure. You may have to give away more ownership in this type of arrangement than you wanted, however, if successful, it should be well worth it.

About the Author

Randy Steele, author of The Entrepreneur’s Roadmap to Success, is a lifelong entrepreneur and has had tremendous success in the financial service business, real estate, real estate appraising, greenhouse growing operations, and the mortgage industry. Through these experiences, the knowledge he has gained is invaluable to someone wanting to start a business or someone wanting to take their business to the next level.

Careers For The Academically Minded

/in /by

A lot of people can’t wait to get out of academia when they first set foot into it. However, there are some to whom the practices of finding sources, compiling information, and coming to conclusions is almost a rush. If you find yourself dreading leaving the libraries and computer halls of academia, then here are some careers worth considering.

StrategyDriven Professional Development Article | Careers For The Academically Minded

Research

If you love hitting the books, performing experiments, and collecting data to help come to a conclusion, then sticking to the world of research might be just the solution for you. A career in research can be wildly different depending on, for instance, the field of academia you are in. For instance, medical research can involve either working in clinical research with live patients or in medical research, testing the effects of medicines but not on live humans. Similarly, a marine biology PhD could see you researching with data from a lab or at sea studying natural habitats.

Teaching

For some people, academia means education, the feeling of learning and teaching and helping the brightest minds of tomorrow reach their potential. For those who are academically minded, then it is more likely you will want to look at working as a professor rather than in high school or below, as it can involve staying up-to-date with and contributing to research in the field that you teach. The Bradley University website shows some of the steps and qualifications necessary in most cases to become a professor. While it can be tough to break into the world of teaching in college, the tenure you can eventually earn offers a lot of job security.

Data science

Love academia and researching but not the particular field of the sciences you’ve chosen to study? You don’t have to stick with it. In fact, data analysis and data science are becoming increasingly common career moves for those who started with a science education. It puts your skills of gathering, organizing and analysing data and applies it, in most cases, to business questions and problems rather than inherently scientific one. Data analysis is becoming an increasingly important part of the modern business world, and demand is shooting for people with the skills necessary to fill those roles.

Librarians

Don’t assume that working as a librarian simply involves shushing people. In many places, especially academic libraries, they play an essential role in helping organize a wide range of materials, from books to papers to research materials and publications stored from throughout history. Librarians also help researchers, students, and professors find the materials they need for their work, so they play an instrumental role in modern academia. Look to the Library Association website to see what it takes to become a librarian.

Those with an academic mindset have more options than you might initially think. Hopefully, the above examples give you some ideas of where you could take that keen mind and love for research and to make a real career out of it.

Spending Money To Save Money (Yes, Really)

/in /by

StrategyDriven Managing Your Finances Article | Entrepreneurship | Spending Money To Save Money (Yes, Really)

As the owner of a modern business, you naturally understand the need to make your capital work harder. This removes a great deal of stress from the venture while also allowing you to pass some of the savings onto your clients. Price comparisons and cutbacks can have a positive impact. Still, it’s possible to find investments that spearhead further savings.

Spending money in the right places is essential or creating an efficient company built for sustained results. Here’s are the best solutions at your disposal.

1. Security, Safety, & Protection

Prevention is the best form of protection for your business. Aside from removing the threat of damaged reputations, it can actively reduce insurance fees and put an end to wasted time. Hiring a site safety manager may feel like an added expense, but it’ll save you vast sums of money in the long run. Data protection is equally important in this modern age. Updating your systems can prevent major problems including penalties as well as direct damages. Given that almost half of all hacks hit small business, now is the time to take control of the situation.

2. Accountancy

Like a site safety manager, a professional accountant can seem to be an unnecessary expense. However, they will save you money in the long run as they have a far greater understanding of the financial and legal elements. When added to the time savings on offer, it is evident that this will be a wise addition for your company. Related investments into automated accountancy software can seriously boost your endeavors. Aside from the financial benefits, you will gain peace of mind and enjoy easier time management. You’d be very foolish to ignore it.

3. Eco-Friendly Upgrades

It’s very easy to embrace a “why fix something that isn’t broke?” mindset. In reality, though, upgrading the workplace with eco-friendly features is essential. While you may not see the property value improvements seen by residential users, the monthly energy savings are huge. Boosting the company’s green credentials can also enhance its reputation. For the sake of your finances, brand image, and personal responsibility, this is a vital addition. Even the employees will respond positively to this new approach. Better still, the results can be seen right away.

4. Marketing

Regardless of the industry, reaching the target market in a cost-effective manner is vital. However, the cheap option doesn’t necessarily offer the best value for money. It’s important to focus on the cost per acquisition rather than the actual overheads. With this in mind, social influencers can be the best investment for your business. When supported by improved web design and a conscious effort to gain positive customer reviews, you should see the very best returns.

The Final Word

While wasting money is the worst thing a business can do, there’s no reason to fear spending money. As long as you invest in the right features and expertise, your venture will begin to see positive outcomes in the very near future. The positive outcomes can bring upgrades for many years to come.

Put Better Business Strategies In Place

/in , /by

The business strategies that you have in place are going to change all the while. Business is about the ability to adapt and grow, and that’s only going to happen if you keep changing the strategies that you have in place. One might work for you for some while, but times change and better processes are developed to help businesses evolve. There is now more software and support packages offered by companies than ever before, making it easier than ever before to run a business. If we had all of the technology and equipment that we have now, twenty years ago, far more businesses would still be established and probably be very rich. So the point is, if you don’t adapt to the changes of the world and the changes that you can make, your business is always going to fall behind. We’re here to try and make sure that doesn’t happen. We want to show you some  of the better business strategies that you can have in place, to ensure your business is always flourishing.

StrategyDriven Managing Your Business Article | Put Better Business Strategies In Place

Better Use Of Software & Computers

Software and computers are the staple to any office. Whether it be a home office or a huge one full of staff, the amount of technology in the room will be astounding. But that doesn’t mean that everyone is going to be using it properly. Software and computing is always evolving to make sure that the user has the best experience. So, you need to be looking at tools that can make the use of software easier, such as the different sql join types. You should also be looking at software to download that helps you with the management of different areas of your business. For example, there is financial management software that will show you the precise profits, loses, and trends that you’re following.

More Invasive Marketing

Invasive marketing is definitely a technique that you need to put in place. Invasive marketing is different because it focuses on direct attention to the customer. Non invasive techniques are ones such as SEO and PPC. They’re harder to spot in the sense that they’re more likely to be ignored. But if you were to use TV or radio advertising, for example, it would be far harder to ignore because it’s right there in your face. All of the marketing techniques out there should be explored if you want to get the most out of your business.

Customer Retention Strategies

Customer retention is another strategy that you need to focus on. The more you can retain loyal customers, the more the news about your business will spread, and the more profit you’ll be able to make. To retain customers, you can use software that will analyse good and bad reviews, leaving you to comment and resolve the negatives. The more you track what people are saying about you, the less likely you’ll be to go wrong. Customer retention can also be improved by offering personalised discounts, customer aftercare, and 24 hour support.