In our modern and ever-changing business environment, taking a leap of faith in decision making is not always the best approach when developing growth strategies for your business.
Harnessing the power of data and analytics will enable you to make more informed and strategic decisions about the direction of your business and its growth potential.
Matt Sheppard, a Boost business adviser on the Growth Catalyst programme, offers a few pointers to consider when utilising data and analytical intelligence to help make better strategic decisions for your business.
Think about the data you currently hold within your business and use this to make factual decisions rather than relying on gut feeling. This may include customer information, sales records, financial data, Google analytics, operational data, marketing reports and much more. Check any historic data or analysis which might identify trends within your business and potential future developments.
Having clearly defined business objectives which align with your data and analysis will help support these goals. A clear understanding of data and analysis can help mitigate risks within your business, shape strategic decisions and support contingency planning.
Utilising data and analytics can support predictive modelling, machine learning for example, to uncover deeper insights. Real time data analytics can provide immediate insights and responsiveness.
It is important that you ensure your data is accurate, complete and reliable through effective data quality controls and governance. To do this, develop and process for continuously monitoring and assessing the effectiveness of your data and impact on strategy.
Data compliance and data protection regulations are essential in maintaining customer trust and avoiding legal issues. Protect sensitive data and ensure robust security measures when obtaining, storing and using data.
In summary, business leaders who adopt a data driven approach to their strategic decision making can gain a competitive edge and support their journey to growth greatness.
About the contributor
Matt Sheppard has over 15 years’ experience as a business adviser working with a great many Lancashire-based SMEs to help them start and grow. His main areas of specialism include supporting businesses to adopt new processes, develop growth strategies and overcome their barriers to growth.
If you’re looking to grow, scale or start your business, use Boost; Lancashire’s Business Growth Hub. We offer a range of funded business support services. Call our Business Support Helpdesk on 0800 488 0057 to find out more or complete our enquiry form.
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