Making your data work for you

Your business will amass a huge amount of raw data and it only becomes meaningful to a business after it has been processed to add context, relevance and purpose.

Our outsourced Finance Director, Phil Matthews can help you put systems in to ensure your business data is accurate, timely and be presented in a format you can interpret.

For example, in a restaurant, every order will be recorded. However, the owner won't learn much by looking at each transaction in isolation. An analysis of the orders will reveal trends and patterns, such as peak dining days or biggest-selling menu or bar items. Knowledge of the business comes from the relationship between the singular pieces of information. That restaurant owner may know to do their biggest purchasing order on a Wednesday by analysing their covers and establishing that sales increase by 34% on Thursdays.

If your business is already using cloud software for accountancy, it is likely that you’re sitting on a goldmine of data. This data can greatly aid running a successful business. You'll have valuable insight into your sales, expenses, profit and staff efficiencies that can help you answer key questions and drive smart business decisions.

Every business is unique, but here are three quick tips to help you drive data in your business.

1. Data is only powerful if there is context:

Figure out what you’re currently trying to achieve before anything else.

2. The only way your data can help you drive your business is if it’s accurate and organised appropriately:

Tools our Digital team use such as “Clarity” can help you with the reports you need for business decisions.

3. Understand what the data necessities are:

Remember, to focus on what truly matters and build from there. If you want help with the process, we can analyse, report, and advise on your data; or show you the tools to use.

When you aren’t compiling accurate business data, you can only rely on gut feel and assumptions about past performance to make future business decisions, speak to Andy Richardson from our Digital team or Phil Matthews, our outsourced FD, who can help.

Contact us at hello@wrpartners.co.uk or speak to our team on 08000 664 664.