Using Data to Grow Your Small Business

If you think big data is the preserve of big business then think again. Even if you run a small business you can still use data to garner insights that will help you run a successful business.

In fact, you have one key advantage over your larger competitors. You can act more quickly on the insights you gather from your data. You are less likely to have to go through several rungs of approval or implement complex process changes to make things happen.

To begin with, you need to identify your key data sources and there may well be more than you realise.

Sale figures, customer information and stock levels are standard sources of business data. The digital age means you now also have data from web traffic, social media and communications like emails.

When gathering your data, think beyond what your business is generating because you can also access extra information online. You can even get information on your competitors relatively easily.

If you still don’t feel you have the data you need, then it may be worth conducting a market research survey to gather more information.

Although your business may be generating numerous amounts of data, it is no good unless you have a way of storing it.

Identifying the best way to store your data is not a decision to be taken lightly. You need to be able to capture it accurately and have a storage system with the right capacity for you. Begin by identifying how much data you need to store and whether you are truly only storing useful information and not duplicating any of it.

Consider whether you have large files like videos and how easily and quickly you need to able to access your data. Also, consider if you will store the data on-site, or use a remote cloud-based system, or a hybrid of the two. Cloud-based storage is often a good solution for small businesses because it is simple to setup, maintain and upgrade. It is a cheaper option too because you can pay for it via a monthly subscription. It is also great for accessing data on the go and sharing it with others you work with.