An aerial view can reveal details and give you a better perspective.
Analysis, why not try some more, you might like it and want to do more
The word ‘analysis’ makes some people shy away. But this sentiment is understandable because, for most people, analytics can become more of a frustrating information overload experience, which can be a turn-off.
It’s tempting to go with an idea without taking the time to look at your data, but if your do you could be adding to your struggles and frustrations. The reality is that things change. Markets change, customers change, technology changes and competition can change. If these changes happen without your knowledge you could be putting your organisation at risk and you could well waste another year or two, or more.
As you gather information and knowledge about the marketplace, all your stakeholders, projects, and processes, your business analysis will start to work for you and your business. Ideas and opportunities start to emerge as your analysis are put into action.
You start to communicate requirements and assess what is working, what is not working and what you need to create or improve. Without analysis, you’re shooting in the dark. Here’s what analytics can help you with.
Understanding and comprehension of the activities in your business could be a revelation and give you a better appreciation of what needs to be done, You must have a grasp of what is going on around you and your customers, perception, ignorance and hindsight will never replace insight, foresight. empathy and awareness.
“Without a goal analytics is aimless and worthless”. Michael porter
A good place to start is to have a Business Health Check done. Once you start to analyse your business and the marketplace you will find many ways to remove your problems and frustrations while improving the outcomes more in line with your purpose, vision and objectives.
Organise the tasks you need to undertake by stakeholder groups, projects, deliverables and according to the degree of urgency. Start today and avoid any further surprises.
Find the quickest ways to relieve your struggles and frustrations
Supplementing your trial and error problem-solving and decision-making with good reliable information and knowledge is also the quickest way to reaching your objectives. Analysis can tell you what you’re doing right or wrong and give you a better indication of what you might do to make improvements.
While you might feel you will be overwhelmed with information and knowledge and how to figure out what to do with it, it will be worth the effort. Don’t try and analyse everything at once, but take a section at a time, digest and implement your findings.
Why not make a start with a Quick Business Analysis and as time progresses move to doing a more comprehensive Business Health Check. These tools are available to our subscribers.
Create budgets that work
One of the most pressing problems for businesses and non-profit organisations is poor forecasting and therefore poor budgeting. Every organisation will perform better when they have accurate budgets that work. Good budgeting starts with a thorough analysis of the market and the operations of the business that will deliver on the budget.
Work from a solid understanding of your business
What happens when you plant in good, fertile soil? Your seeds will grow and flourish. But what happens when you dig into dry, rocky soil? Your results won’t be as fruitful. The same thing applies to building your business, upon analytics. The right data will enrich and fortify your ability to achieve your vision. It’s the only way to know the real lay of the land you need to deal with and give you good indicators of what steps you should take next. It’ll always be there, as you improve and change, to continue feeding you the information you need to grow. Seriously, good analytics are your best friend.
Learn about and understand your marketplace
Growing a profitable and sustainable organisation without understanding your competitors is very risky business. Market research and analysis can prepare you for changing market conditions and prevent you being left outperformed by your competition.
Market research involves collecting and analysing information about your marketplace, including your customers and competitors along with the trends and issues that are likely to impact your operations. It is vital to research any new market you are moving into to avoid wasting time and money on failed projects and to uncover new opportunities.
Knowing your customers is critical
While most successful businesses have a customer-centric mentality they often fall short when it comes to the detail that is so necessary. Building the right customer relationships is essential and does require detail and constant monitoring. Understanding their persona is a big advantage.
Analysis leads to a better understanding of your customers and this helps to increase trust and loyalty which will result in more repeat business. Good customer relations also leads to you and your organisation being recommended.
Knowing your customer inside out is key. Before you do anything with your business, go on a journey of discovery as much as you can about your best customer. Research everything you possibly can about them. What makes them tick, how do they measure success, what are their real problems, frustrations wants and needs, and how you can make or save them money and make their lives easier?
Avoid following hearsay, rumour, gossip, and unfounded Information
Information from mates, gut instincts and personal impressions can be very misleading, deceptive, confusing and worse still just plain wrong. Perception along with media news can be very biased, and implementing a change that affects everyone, can turn out to be a bad situation if you’ve made the wrong decision.
Before jumping to a conclusion, do your due diligence and check your analysis to ensure any new information supports your problem-solving and decision-making. Good information and knowledge should not be biased or sugar-coated.
Don’t over analyse
Believe in your own understanding and rely on their past experiences, but if you are at all unsure never lean on your own understanding. Never try to over analyse as you will become bogged down in too many details and not be able to see the trees for the leaves.
Have a contingency plan
In these days of intensifying competitive activity and the exponential changes taking place, you are sure to make some wrong decisions and parts of you planning will not meet expectations. It will always pay to have a contingency plan so that these changes don’t derail your business or your projects.
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I am always thrilled when customers discover new information about their business that they were totally unaware of before they undertook some analysis.
While passion and commitment are key to building a profitable and sustainable business, it won’t count for much if you can’t overcome a poorly designed business and do the follow-up after your analysis.
Today, you won’t stop change, the best you can hope for is to keep up with it. This will take many people and good networks and if we don’t keep up we perish.
The big benefit of analysis is that you gain important insight into markets, customers and of course your organisation. This leads to better ways of making your organisation more competitive and sustainable.