Increasing prices for products is the easiest way to increase revenue, but consumers don’t always share your thinking and this increase may be the one that opens the door for a competitor to enter your market.
Collecting your data and saving your money is nothing new, or is it? Although, the way we collect data has changed. We no longer need to sift through the dusty archive boxes and files and put data into a spreadsheet for analysis. Our business systems are synced and with a few click of the mouse the opportunities present themselves, right?
Importance of Data
Data is requirement to run your modern business -- from recording what you to, what occurs along the way, to meeting compliance, tender requirements and performance indicators -- you may already have what you need.
So why do some companies struggle with turning what you do daily into creating opportunities?
1. No Time: It’s a common discussion. You just don’t the time (to save money?) -- quite an odd response. Allocate time or resources to this and it will be worth it. You never know where the next hidden gems that exist.
2. Not sure how? Keep things simple -- think about:
- Where do you spend the majority of your money?
- What consumes most of your time?
- Reoccurring costs, what’s creating these and can the time frame be extended or a better deal be struck with suppliers.
- What is or can be your biggest business disruption.
- Who are the customers that consume time and money.
- What do you buy a lot of? Can you get a better deal
3. No enough information: If you have limited information, think about the above key points and start collecting your data in these areas.
4. Too much information: Can be time consuming, confusing and yet, it has potential to normalise things.
- Rationalise your information.
- Reduce the time frames -- what you did 20 years ago you may not even do now.
- Look at the big things and keep an eye on the small ones too.
5. Who’s looking: Is it someone’s responsibility to keep track of what’s happening and present meaningful data? May share the load.
6. We have systems in place: Are they easy to use? Are people using them and are they really working for you? If not, it may be time for a review.
Business systems are a necessity in running a modern day business, the key is to have a business system that people use, saves time and does not consume you.