Nowadays, access to big data extends to all SME’s. The challenge is to make it relevant to your business, thereby creating business intelligence. But how do you make it relevant and will this help you to create growth and do better business?
What does your ideal client look like?
Look at your existing client base – what characteristics do your best clients have in terms of both return and quality. It may be easy to determine how to achieve the same level of return for new target clients, but what measures do you use to assess their quality?
Data can provide valuable insights into the companies you may be thinking about starting a new relationship with. It also provides key information about the directors of those businesses. Having information on the credit history and financial dealings of key figures, as well as the businesses themselves, helps provide crucial peace of mind when you are investing time and money into creating growth for your business.
Be open to opportunity
Recognise opportunities and act on them quickly before they disappear – these could be income producing like a new potential customer, or a completely new market segment.
Using financial data is an excellent way of watching how your market operates and evolves over time. Watching companies over a period of time allows you to identify any trends happening in your market – performing the same monitoring on a whole group of companies can identify any trends that are affecting an industry as a whole.
Invest in a system that enables you to investigate your market and its patterns at the same time as focusing on your business. This will ensure you are well placed to take advantage of any opportunities.
Due diligence and monitoring your Supply Chain
Safeguarding the service to your customers is critical to maintaining a strong business, maintaining the reputation that you have built over many years, and ensuring that you put yourself in the best possible position to win new clients.
Data relating to the credit history of individual businesses is invaluable in the context of supplier relationships, whether they’re just being established or they’ve been in place for many years. Being forewarned of potential issues with one of your suppliers and being ready if they experience financial problems will help to ensure the service level to your customers is not affected, and that the promises you make to new prospective clients can be met.
You need to want to grow!
Challenge your processes - look for ways of getting more out of your existing sales team by adopting new systems and processes. You don’t need to invest significant levels of new capital to achieve a growth strategy - investing in relevant financial data will create new business intelligence.
Most companies will have integrated technological changes within their businesses at some point during their existence. Identifying and adopting new technology that provides relevant financial data can help give your business a competitive advantage. It can assist in reducing costs, help to improve service delivery and the customer experience, and generally enhance the reputation of your business – all leading to new growth opportunities and a healthier business.
There are many ways of using Financial Data within your business to deliver new growth and achieve better business results. At Red Flag Alert we are very proud to support businesses that are striving to “do better business”.