Data is the future and the future is now. If you want to be competitive and grow you have to make data-driven business solutions. SOLIX has created five tips for business owners to follow to lead their companies to success this 2022.
(1) Have a Monthly Profit and loss
- Categorize expenses in detail. For example, instead of general categories such as “marketing”
include specifics such as “Facebook” and “Google Ads”.
- The same applies to categorizing sources of income, these should be categorized n detail.
(2) Have a Yearly Business plan
We suggest having the following eight sections in your business plan:
(I) Product and/or services, Inventory & Production data
(II) Marketing Plan
(III) Operational Plan
(IV) Sales Plan
(V) Financial Plan
(VII) Professional & Advisory Support
(VIII) Management & Organization
(3) Quarterly Break-even price analysis
- Know your break-even price every quarter
(4) Create systems for collecting business data
- Data should provide insight into key business questions
- Be consistent with data collection
- Analyze data monthly or quarterly
(5) Be ready to change course when necessary
- Have a growth mindset
- Remain solution-oriented
Following the 5 tips above can be overwhelming. But business data and understanding a companies finances is fundamental. We know that your business is very important to you. SOLIX is a team of data scientists and business experts who would like to work with you. Our main mission is to help take your company to the next level; whether it is fueling your sales and profits, allocating marketing and sales resources optimally to grow your business, and creating a strategy for your operation to reduce waste and expense. We are the experts that can help you answer the right questions to grow your business. Some investments pay for themselves, like our data solutions. For more information feel free to visit our website at www.solixservices.com.