There is a lot to be said about “going with your gut”, or “winging it”. And that’s fine, until your decisions are clouded by emotions or other factors. A data-driven approach can save your business. Top entrepreneurs know when to rely on data.

Where should data come from?

It comes from all different directions, but it should be clean.

Your bank statements don’t lie. If you don’t have a bookkeeper, get one (part-time bookkeepers can be surprisingly affordable) and reconcile your bank statements and keep good books. If you prefer do it yourself, get quality software and check your books daily. They tell you a lot about your activities; your operational and marketing decisions will reflect in your finances.

You can see how you are doing compared to your peers. This is called benchmarking, and reliable data is available to compare your financial and operational performance against similarly sized businesses in your industry and your area. If unfamiliar with benchmarking, this One Click Advisor article explains it. Benchmarking is part of a data-driven approach to management.

Customer relationship management (CRM) systems also tell a story about who your customers are, and what they are doing. If you are working hard to bring in new customers rather than deepening the relationships you have with current customers, you are definitely leaking revenue and profits. Use your CRM in a data-driven approach to marketing.

A sound approach to setting goals and analyzing your progress can be found here.

Ask the right questions

The book 99 Questions to ask BEFORE starting a business in the US gives entrepreneurs the opportunity to learn from two industry experts about the different aspects of starting, operating, financing, and marketing a new business in the USA. For immigrating entrepreneurs, learn about visa options for those who seek to migrate to the US through a qualifying investment. The book 99 questions is available on Amazon and through Balboa Press. 

And finally…

Welcome to One Click Advisor! We would be remiss if we didn’t give you a brief tour of the site and what it can do for you, as an owner of a startup or small business. Your challenges and opportunities can be sorted into one of three areas.

Marketing, because it brings in the customers. That requires the right combination of price, product, promotion and place. 

Operations, because it keeps your customers. A well-run business pleases customers and generates steady and reliable revenue. But to be well-run, you need reliable providers. 

Finance, because it is the scoreboard, and keeps everybody paid. Change the “score”, find bookkeeping help, and find capital. 

The One Click Advisor Business Builder connects you with all the fundamentals. Skip the hours of research and costly mistakes…we have done the work of locating the best small business services for you.