Suppose you're the owner of a successful company that's been growing fast. Large and small distributors are beating a path to your door to buy your product. Things are looking good. You've predicted sales are going to grow by 50%, so you plan purchases of your supplies accordingly.
All of a sudden, after a year, you don't have credits to pay next month's payroll and your warehouse is full of unsold items. This situation hits you like a ton of bricks, from the left field. What happened? You didn't realize that while sales were only growing 20%, your inventory was growing by 50%. You lost track of your numbers.
Situations like this happen to hard-working entrepreneurs throughout the world. It's probably happened with your business, your labor of love. The problem is, things are moving so fast that you don't know the basic numbers of your company. Despite the warnings from your accountant, you can't find the time to sit down and really figure out what the numbers are telling you.
You've got another proposal to write, a negotiation with a new vendor, and a new marketing campaign to kick off. That's where Business Intelligence comes in. You may get to know more about business intelligence reporting & strategies via vizbp.com.
You can't improve what you can't measure: the case for Business Intelligence The entrepreneur's dilemma is that the skills that got you where you are today are not the skills that will help you grow into a viable, sustainable business that doesn't need the 'indispensable you' to operate it on a day-to-day basis.
What helped get you where you are today is your passion, hard work, salesmanship, marketing savvy and unshakable vision for your business, yourself and your family. What will help turn you into the next Inc. 500 company is to know what the numbers are on every aspect of your business so you can stop bad habits, improve good habits and institute new habits for growth. These numbers have to be at your and your employees' fingertips at all times. They've got to become part of your company culture.