Kinspeed Sage - 7 tips to supercharge your business decisions

2 kinspeed.com 7 tips to supercharge your business decisions Build your culture around smart decision making When you’re part of a small business, it’s easy to feel like every day is a sprint to the finish line. A breakneck race to complete all the tasks you have planned for the day—plus a hundred other small fires to extinguish. But, if your business is going to flourish in the long term, then day-to-day business operations should be more like running a marathon. Maintaining momentum. Planning far ahead. Judging when to conserve your energy, and when to put on a burst of speed. To do that, you need to be prepared, not just for the next obstacle or opportunity, but for the one after that–and the one after that, too. And you need to ensure that even the short-term decisions are informed by accurate information. The payoff for this type of long-term, data-based decision making is potentially huge: Intent-based marketing company Aberdeen has found that data analytics has helped small businesses achieve increases of up to 86% in year-on-year operating profits and 32% greater financial budgeting accuracy. 2 But how do you find the time or the data required to prepare useful forecasts and make more informed decisions? We’ve gathered seven key tips to help you get started, split over three focus areas. Data analytics has helped small businesses achieve increases of up to 86% in year-on-year operating profits and 32% greater financial budgeting accuracy. 1 Build your culture around smart decision making Tip 1: Shift your focus from data entry to data analysis Tip 2: Know when to delegate Tip 3: Equip your team with the right technology Know where you stand Tip 4: Make better use of dashboards and key metrics Tip 5: Tailor your reports to your needs Spend and save wisely Tip 6: Automate your cash flow processes Tip 7: Use payment reports to identify your best products and customers