Can You Google Your Business Data?
Almost all information is now at our fingertips. Most of us carry a device in our pocket that can access even the most obscure information in a matter of seconds. For those of us who remember investing in sets of encyclopaedias, or having to visit a library, our access to information today has been an extraordinary development in our lifetime.
For most of us, the improved access to information has become the norm; there is almost nothing we need to know that is not accessible right now. As a business owner, have you seen the improved access to information extend to your business? Sitting at your computer (or any other device for that matter), what information can you most quickly access – the rainfall days last month in Santa Barbara Ca., or your average gross profit margin last month. (In case you were wondering, the number of rainfall days in Santa Barbara last month was 3.8).
Very likely, most of us could find out our average GP for last month reasonably quickly, but how long would it take for us to find out how that compares to the same month over the past three years?
What if we want a report that shows us the sales performance of a single product over the past 12 months? The number of quotes on that product, the number of sales made, the amount of each colour sold, and the average GP achieved? You might ask why we would need that level of detail, and on a day to day basis you very likely don’t, but the situation will very arise where that information would be valuable. Maybe you want to rationalise the number of products you have on display but are unsure about which should be culled. Or maybe a supplier has offered you a stock deal on a product, but you want to know how well the colours have been selling before committing to a purchase.
Possibly we don’t see the value of data because we have never had access to it. If we did have access to it, however, very likely we would use it.
A fully integrated business management system such as RFMS gives users the ability to report on every aspect of their business; samples, products, colours within product ranges, salespeople, customers, business performance; these few only scratch the surface of what can be analysed and reported on.
Another example. What happens in most businesses when a salesperson asks for raise? Most of us have a feel for how well a salesperson is performing, but no discussion about remuneration should be based on a feeling; we will either over-compensate the employee or run the risk of losing her because we didn’t truly appreciate her value. To make the best decision, we want accurate and up to date information about how the salesperson is performing; it’s an opportunity to coach and to set targets so that if we agree to pay her more, both she and the business benefit.
The reality is most flooring business owners cannot quickly access the information needed to make business decisions; in place of good information, we rely on gut feel. As entrepreneurs, our gut feel is important, but it’s more effective when supported by data.
If you would like to see how RFMS might help you access your business information, we would love to hear from you. Contact us here.