April 19, 2018

4 big things: how to make better business decisions, using big data at small businesses, and more

Each week, we collect some of the best advice for small businesses from around the internet. This week, these four articles caught our attention:

  1. Jeff Charles: Making big data user-friendly for small businesses
  2. Jayson DeMers: 5 ways business intelligence and online marketing can work together
  3. The Oracles: 11 steps to improve your decision making
  4. Scott Olford: How to make better decisions to move your business forward

Making big data user-friendly for small businesses

By: Jeff Charles

Summary: When most people hear the term “big data” they still think of large-scale IT projects for big corporations. They don’t think about leveraging small business analytics to aid their decision-making processes or power systems that do work for small businesses automatically. But the truth is, business owners could be missing out on growth opportunities because they’re not paying attention to big data.

Our take: This article covers several areas regarding small businesses and leveraging data to better understand their business. We particularly liked the section titled: “Tracking Year-Over-Year Data.” This section discusses the untapped value of tracking historical data and using it to make more informed business decisions. Our Small Business Almanac is a great example of one of the kind of self-service tools the article mentions. Check it out and see how businesses like yours in your state did last quarter.

And be sure to read the full article by Jeff Charles here.

 

5 ways business intelligence and online marketing can work together

By: Jayson DeMers

Summary: Marketing and business intelligence were made for one another. Both areas utilize a business’s data to help the owner or business manager make more informed decisions. The problem is that business intelligence continues to be an elusive concept for many small business owners. It has not yet made its way to top of the priority list, but it could be a huge asset for business owners who want to maximize their marketing efforts.

Our take: Attracting new customers is the #1 concern for local and independent business owners, according to our research. Each month the average business owner spends about $400 on marketing, making it one of the biggest investments small business owners make outside of payroll and inventory. Leveraging business intelligence has the incredible potential to maximize the return on every dollar spent on small business marketing.

Read the full article here.

 

11 steps to improve your decision making

Summary: “Success stems from an accumulation of wise choices. But consistently making good decisions and sound judgments in a frenetic world is challenging.”  This article curates 11 steps to help small business owners face that frenetic and challenging world. Pulling from the experiences and insights of some of the most successful marketing and business leaders, these steps will help improve the decision-making process.

Our take: While data and analytics have a proven track record of helping business owners make more informed decisions, not all the decisions can be backed by data. Those challenges require a better method and a more strategic approach. These 11 steps provide a more strategic framework to the way they address everyday challenges. This article provides sound advice designed to make the decision-making process easier, less frustrating, and more deliberate.

Read the full article here.

 

How to make better decisions to move your business forward

By: Scott Olford

Summary:So long as you base your decision-making on reactive thinking, you have a hustle, not a business.” In this article, Scott Olford breaks down the three main types of decisions making: reactive, proactive, and strategic. The problem is that most business owners spend more time than they should reacting to problems, not preventing them with proactive or strategic decision making. 

Our takeUntil recently, small business owners have been underserved by the resources and tools they need to make more strategic business decisions. Because of this, too many of the decisions that drive a business forward have been based on gut instinct, not insight. Small business owners have had no choice but to react. With the ever-growing wealth of small business analytics (including Womply’s solutions), however, it has never been easier for business owners to take a more strategic approach to their business decision making.

Read the full article here

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