Hello, dear reader!
Just like getting good at a sport requires a couple of weeks of pushing yourself a little further, improving your business requires some time.
We all write new year goals to improve ourselves. If those goals include the betterment of your business, why wait until January 1st? Let’s talk about what you can start doing today!
Cleaning your room
It may appear to sound like your parent’s advice, but let’s be honest, we can’t build something great without solid foundations!
Let’s list and remove all the rubble, to unearth what keeps your business anchored to success:
- Operations that take a lot of time & don’t add significant value to your products or services.
- Products with a low inventory turnover or services with minimal demand.
- Promotional activities with low impact or ROI.
- Other expenses that do not affect your core business.
- Goods or services that you even forgot you were paying!
Defining some KPI
After removing the rubble, you have a refreshed vision of your core business. You can define some Key Performance Indicators (KPI) to measure the performance of your activities.
Indicators may include things like:
- Frequency of the tasks
- Time and resources spent on each activity
- Percentage of on-time delivery
- Whatever else you see as an opportunity area to measure & develop
Improving your operations
With the periodic feedback from your KPI, you can brainstorm a ton of innovative ideas and solutions to enhance your core business.
Be ready to apply those ideas whenever one of your Activities begins lagging behind your expectations!
Then, repeat the same process! Even if you improve a humble 1% each week, by the end of the year, the compound effect means you’ll be 67% better! Now, that’s growth!
Formulate it yourself, trust the experts
Designing & maintaining all those KPIs is worth it, but it certainly has a lot of work that can be subcontracted or automated!
You can look for Data Analysis experts to build and automate dashboards based on your Accounting, Marketing & operations data sources.
For example, with your Financial Statements provided by IOOGO Accounting plus your Facebook/Google Ads, a Data Analyst could build a model to improve Return on Ads Spend (ROAS) & compare month-to-month which audiences work better or which products are hidden flagships!.
This is just an example, as there are hundreds of opportunity areas for you to design and monitor a competitive advantage! You can always write to us & an IOOGO Expert will guide you through the process of understanding & using your Financial Statements!