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27
Sep
By: stan3000 Business Blog No Comments

Integrating data analysis into business is a necessity for any business that strives to remain competitive

Businesses across the globe are hiring data analytics to examine their large amounts of data to uncover hidden patterns, correlations and other insights.

With the help of Machine Learning Algorithms, Artificial Intelligent (AI) and Business Intelligent (BI), it’s now possible to analyze business data and get compiling answers that would enable businesses to make decisive and strategic decisions.

Why is big data analytics important for your business?

Data analytics helps businesses to identify new opportunities regardless of the size of the business or number of years in operation.

Business data analysis leads to smarter business moves, operational efficiency, higher profits, and increases customers’ satisfaction.

Researchers have identified a tremendous business value and increase customer acquisitions with a high retention rate as a result of understanding customer behavior by analyzing data. The most compiling value that can be extracted from business data:

 Cost reduction: 

Data is everywhere from supply chain to production to finance to retail stores. The abundance of data offers the opportunity to find insights in the key areas that should be optimized by either changing a specific process, reducing or increasing the amount of workforce or offering more competitive pricing, in turn, reduced operational cost.

Faster, better decision making. 

 With the power of technology, businesses can harness the data it generates to see exactly what’s happening in their organization and utilize the information to test out different scenarios and their success. With strategic insights driven from their data, businesses stand to remain competitive among forward-thinking companies that do use data to their advantage and enjoy a deeper insight into their customer journey.

New products and services. Detect new or missed opportunities to help your company grow and improve by responding to market needs. Also, with the ability to gauge customer needs and satisfaction rate then create new products to meet those needs. 

Written by: Stanley Njoku| President & CEO | Sybest Consultant


25
Mar
By: stan3000 Business Blog No Comments

Some businesses fail others succeed?

Author: Stanley Njoku – President & CEO Sybest Consultant

There are various reasons some business fail while others succeed. The most compiling reason is the business owner unaware of the happening until it is often too late or living in the land of denial and lack of insights. Another factor is the lack of profit and high revenue generation focus. It is quite obvious that revenue is not the same as profit. Business owners must keep your eyes on profitability at all times for the fact that profit allows growth. According to Small Business Trends, only 40% of small businesses are profitable, 30% break even, and 30% are losing money.

It is also extremely important to apply various techniques, methodical approaches, strategic planning, and hard work in order to stay afloat and a defined business plan. Many small businesses fail because of the fundamental shortcomings of their business planning. It must be realistic and based on accurate, current information, competitive analysis and forecast or predictive analysis for the unknown future events or profit. Within the context of business planning, there are critical elements to be integrated as part of the business planning components. A well-defined business plan must include the following components:

  • Well-defined vision and goals
  • Market research analysis
  • Trained workforce and retention
  • Anticipated problems and strategic solutions
  • Financial and cash flow analysis and balance sheet
  • Sales and expense forecast
  • Competition analysis
  • Marketing, advertising, and promotional activities
  • Budgeting and growth management

Another critical part of doing business and attracting prospective customers while retaining existing and loyal customers from going to your competitor is having an online and social media presence.

Unfortunately, it has come to the point that “if you have a business today, you need a website and a social media presence. Period.”

According to VPN mentor, 90% and 87% of people between 18-29 and 30-49 respectively are the most likely to purchase a product online. 53% of shoppers read customer reviews before purchasing a product.

According to the 2016  US Census Bureau, In the U.S. alone, the number of internet users have reached approximately 88.5 percent of the population and e-commerce sales $394.9 billion in 2016 and it will continue to rise and are expected to increase with each passing year.

At a minimum, every business should have a professional looking and well-designed website that enables users to easily access vital information about your business and not limited to your products or services.

In addition, products that can be sold or order online can help increase revenue or profit. That being said, your business needs a website to enable service to your existing or prospective customers.

At Sybest we can position your business for the countless marketing opportunities, such as building a professional custom website for your business, strategic analysis, and predictive analysis to enable be competitive and expand.

Please subscribe to our channel or contact us for a free consultation.

19
Nov
By: stan3000 Business Blog No Comments

How to Improve Your Profit Margins

How to Improved Profit Margin

The fastest way to grow your profits is often to improve your margins. Many businesses don’t like to talk about margins because they feel increasing margins requires cutting quality, but that simply isn’t the case. There are a number of steps you can take to improve your margins without sacrificing quality or service.

  1. Know Every Number

Above anything else, you need to know every single number that’s involved in your business. Your bookkeeping services should provide detailed reports breaking down each individual cost along with combined reports of related costs.

For example, a restaurant should know the cost of every single ingredient in every dish. If you only know your total sales and food costs, you might not realize specific dishes are actually costing you money. If you don’t know the cost of a slice of cheese on a cheeseburger, you may not realize that using an expensive cheese is harming your margins without adding any perceived quality to your burgers. 

  1. Manage Your Inventory

Even when you think your costs are under control, poor inventory management could be raising your expenses. You should be able to ask your accounting services exactly what you have on hand and where it is at any time.

If you manufacture products by hand and a worker can’t find a part, they might ask the manager to reorder it. By the time someone realizes you have more buried in the back of your warehouse, you may no longer use that part and now have wasted inventory.

With strong inventory controls, your purchasing manager will see there’s more of the part somewhere in your warehouse before placing another order.

  1. Always Negotiate

Everything is negotiable. While your suppliers want to protect their own margins, they also want to keep your business.

At least once a year, call your suppliers and ask for a better rate. If they say no, see if they’ll do it if you offer a guaranteed minimum purchase, extended delivery time or an agreement to do business with them for a longer period of time.

While these types of offers might increase your risk, you can mitigate the risk with strong sales forecasting to see if you can actually use the increased supply.

  1. Increase Speed

Working smarter is often better than working harder. Delays at any point of your manufacturing and sales process can increase your costs.

If your inventory moves slowly, you have increased storage costs, greater risk of spoilage and the possibility of unsold items no longer being in demand. If your workers are slowed down by not having the right tools, buying new equipment to help them work faster can boost productivity and reduce labor costs.

  1. Cut Choices

Consumers say they value choice, but choices cost you money. Each additional product or service requires more employee training, more inventory and more risk of not selling.

Look for overlapping choices that won’t affect your business. For example, a hardware store selling hammers with black or gray handles probably won’t see any customers walking out without buying a hammer if they stop selling one of those colors.

Use your accounting reports to figure out which items have the highest margins, which items sell together and which items are purchased as replacements when another item is out of stock.

19
Nov
By: stan3000 Business Blog No Comments

4 Reasons You Need to Hire a Data Analyst

3 Reasons You Need to Hire a Data Analyst 

Businesses across the globe are becoming consumed by Data and Analytics, we have never seen as much commitment or investment into data science, customer analytics, business intelligence, than we do now. So what does a data analyst actually do and how will they help your business?

Understanding your demographic

No matter what your business sells, makes or creates – understanding customer habits and demographics is vital to success. Everything from your website to your social feeds and customer database will be filled with fascinating data that when analyzed correctly can help to understand your target audience and their behaviors. You can then tailor services and product launches to specific groups, which will result in more successful sales.

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