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5 best practices for a successful SMB Analytics

Advice from a team of experts at ARBO CPA on how to leverage data for your business
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5 best practices for a successful SMB Analytics

So, you’ve deployed data analysis for your business and now want to start using the results to understand the health of your small business and make more informed, strategic decisions. You’re on the right track! Now, to successfully utilize the results and get the most out of your business’s data analytics, make sure you direct your usage in the right direction. Follow these practices to ensure you get the bang for the buck and your effort:.

Yes, Facebook likes and Instagram followers matter but understand your business and analyze the metric that actually gives you a clear picture of where you and your business stand at the moment. Based on what your focus is, set key indicators like if Marketing is your focus then set customer engagement and marketing qualified leads (MQL) as your KPIs. For operations, focus on absenteeism rate, cost-per-customer, error rate and so on. Patterns explain your data performance over time. Over time, there can be upward, downwards or even flat shifts in your metrics. The goal is to predict what the future metrics may look like. Using this tool daily, weekly, monthly, or quarterly, you can take action to support the desirable patterns and fix the ones that drag you down. When you make a strategic action, make sure you know the metrics that will reflect that action and the time period the action will likely affect the metric. For example, when you launch a new marketing campaign, the action may impact your sales and customer inquiries after a certain number of weeks. Make sure you monitor the actions and their consequences on your business performance. Never stop asking questions about the reports you see. If there is a big bump or slump in any metric, ask why? Even if the trends are stable, ask why and if that is how you want that indicator to continue to perform. Understand what actions made the metric perform better or worse and use it for future decisions.

Comments
  • Bianca Reid

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  • Claire Gibson

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