Information in the small business is crucial for its survival, and it should be collected using the correct sources. For instance sales, operation costs, and customer information. In my opinion, data collection can be performed correctly by entrepreneurs, since the information needed is within reach.
To begin with the description of these sources, sales information provides one of the main indicators of activity and health of the company. For example, most business owners don’t keep an accurate record of their transactions. Bills include information too important to be kept aside, such as total amount purchased, products, discounts, dates, time of sale, name of the customer, method of payment; among others. Would be enough to manage a business to know only the total amount of your sales?
To continue with the concept of the correct information sources, operation costs are related to all the factors involving the creation of the product itself. Consider, as an example, the number of hours required for the elaboration of a good or service. Because elements needed to create a product are being explored, it should be mention the amount of resources consumed (human, monetary, chronological), dates of production, total time, workflows and bottlenecks, etc. For some entrepreneurs; a product is valued according with how much creativity is put into it, however, creativity shall be applied to cost identification as well in order to survive in the market.
Lastly, customer data is an invaluable tool utilized to develop a profile of the buyer’s segment. Namely, this information can be used to generate a strategy to increase customer experience via post sales service. Take in consideration the awareness of the satisfaction after a purchase. Different mechanisms could be used to obtain this data, but the initial stage should be including name, email address, mobile number, location, and usage of the product purchased. Therefore, this data will become the source of a personalized profile for every customer. Wouldn’t it be amazing if this data can be analyzed to create loyalty to the brand?
In summary, all the data collected, from the correct sources such as sales, operational costs, and customers, to mention some, could provide a complete panorama of the business. To conclude, my opinion is that every small business can collect data and create its information structure. Thus, is the business itself creating its own meanings and tools for expansion and persistence in the market.