You've started your small business and things are going well. You're in the black, your customer base is growing, and you're ready to expand your company with new avenues for income and additional employees. Up until now, all of your data was pretty easy to manage on your standard text and spreadsheet software. So when is it time to start looking into business intelligence software? The answer is now.
Moving forward, you hire an additional 20 percent of employees, and open up a new office or business front. Now your data is coming from more people, from different sources, all at once. Try as you might, keeping track of every transaction personally is a matter of impossibility for any successful enterprise. Before long, you find yourself further behind on your data analysis than you could ever have hoped not to be. Your books become out of date, and often times entries begin slipping through the cracks until even an up-to-date log of transactions can be tremendously flawed. Business advisory firm Synnovatia identified this struggle as one of the many signs that your establishment is in trouble altogether.
Losing control of your organization because things picked up faster than you were prepared for could mark the beginning of the end, no matter how well things may appear on the surface of a positive net income. "Lots of new business owners put their bookkeeping to one side because they're so busy with the huge work load of setting up a business," tells Lee Murphy, Managing Editor of The Accountancy Partnership. His firm has been helping companies with bookkeeping and filing taxes since 2006. "That's understandable, but if the books aren't organized, troubling times lie ahead."
How do you get out in front of the large amount of information heading your way? The solution is clear – be ready for it before it comes, regardless of how small your business may be now.
The key to any successful venture is thinking long term. You may only be handling 100 customers today, but is that going to be your business model forever? In all likelihood, you're going to see an increase in clients as your enterprise remains open, satisfies consumers and draws more attention through advertising and word of mouth.
Software like Necto 14 can compile condensed, simplified synopses and graphics from all of your company data, across multiple outlets, all in one convenient location that can be viewed anywhere. Tracking anything from what is selling and what isn't, where your most successful markets are and various trends within your business' big data, your BI solution has never been easier. Graphs and workboards make understanding your business needs much simpler, allowing you to focus on where improvements need to be made or giving way to the freedom of evolving further in your market. Keeping data neatly organized and readily available is a process that can be started at any time, but it is always better to begin sooner rather than later.