ENTREPRENEUR: WHAT’S YOUR BUSINESS TELLING YOU?
Entrepreneur’s Dan Briody explains how to make sense of the information you already know about your business.
Entrepreneur Excerpt:
To many small-business owners, the facts and figures their daily work casts off are more incidental than instrumental. Reluctantly storing it all on disks, in file cabinets and on scraps of paper strewn about the back room, business owners often think this constant stream of information is useless (except maybe to the IRS). They see it as a burden, another onerous management task in a work day that is already too short.
What they don’t realize is that they’re sitting on a gold mine. Almost every piece of information that a business produces is important, and can be used to boost sales, fatten margins or increase customer loyalty. From transactions to inventory to shipping costs to customer data, small businesses are starting to learn that mining business data for insight is not just for major corporations anymore.