As a business owner, you often face challenges breaking through growth plateaus.
The solution may lie in a usually overlooked resource: your data files.
At recent major fashion trade fairs, I observed a significant issue.
The organisers and vendors needed to collect data that could spur their growth rate by 30 to 40%.
Were they delighted with their sales?… Not when they realised the ‘gold’ they were missing.
Data is no longer a nice-to-have but vital in today’s competitive landscape. The good news is:
– You are already collecting data in your day-to-day business.
– The real magic happens when you delve deep into the data.
Data not only uncovers new opportunities but also identifies problems.
So, where do you start?
1. Begin by reviewing your current data collection and method. For example, your staff may forego data collection because of peak-time queues.
2. Identify the gaps and the insights that the data could provide. For example, linking fabric types to customer preferences can help design future collections.
3. Invest in integrated systems that capture and analyse data from various touchpoints. For example, integrating your POS, customer management, and accounting software offers richer insights.
4. Encourage your team to use the data to inform their decisions. For example, using inventory reports for stock purchases will reduce guesswork and waste.
I have shown clients the gems in their business using their overlooked data.
They see new avenues for growth, improve operations, and gain loyal customers.
When was the last time you deep-dived into your data sets? What do you wish it told you?
Take the time today to uncover ‘gems’ that could transform your business.
