How does a small business avoid shuttering its door during tough times? Well if we knew that secret sauce, we’d write that book and call it a life, but the truth is there are many and varied reasons why a small business fails. What we do know is business intelligence, and that research shows that employing analytics will increase your revenue.
A good BI solution will help you during these tough economic times by helping you:
1. Get Smart
What works? What doesn’t? What generates not just revenue, but higher returns on investment (ROI)? Knowing the answers to these questions will help your business work more efficiently by focusing attention and resources on the biggest wins.
2. Stay Lean
Software-as-a-Service (SaaS) BI like InsightSquared can help small businesses run leaner, longer. First off, you don’t need a data architect or a dedicated IT person to have robust business intelligence at your company. This is a bottleneck for many organizations that want to implement BI, and we eliminate that need.
Second, once your company is working more efficiently, you might very well hold off on expanding as your current employees will generate more revenue. Once data quality monitoring, dashboard updating, trending, forecasting are all automated, you will find your business being able to just do more that results in moving the needle.
3. See the Future
Maybe a lot of those 170,000 businesses saw it coming, but it’s likely many didn’t (wasn’t that housing crash sort of a surprise to most of us?). Foresight is key to a small business trying to make it to the next year, or even just to the next quarter. What’s currently in your pipeline? How much are you going to book in revenue in the next months? What does your recurring revenue look like? Don’t be surprised by what’s next. Having great BI will help you see it coming, and to do something about it.
How can BI help your business stay out of this statistic?