There is no lack of data which we can use to analyse our business. If your business relies on online traffic, then we would suggest you have an understanding of a web analytics programme that provides data to suit your product or service and helps with the understanding of your underlying business. However, if you are not online or work as much offline, then what is your system for understanding your data?
Data can tell us so much about our customers, suppliers and staff. For example, gaining an insight or profile of your ideal customer, trends, being able to predict your future sales patterns, knowing the point when a prospect changes from a cold to a warm lead, maximising your resources, testing a product launch or knowing the cost of your recruitment efforts, are to name a few. But how do we ensure we are measuring the right things. Owner of A1, Mike Foster, speaks on the topic of 'The top 5 numbers in your business'. This is not saying you can only have 5, but don't have too many focuses and more importantly know what activity truly drives the success of your business.
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