How to prepare your next business plan with Cardlink pulse
A business plan is essential for all businesses, regardless of size or market they operate in. A business plan is the thought process that every business and entrepreneur must perform before taking action.
To create a business plan, you must take into account as much data as possible. However, the data don’t just have to be numerous; they also have to be in a form that can be useful to you, so that you can use them in order to be in a position to draw right conclusions.
Creating/changing a business plan
The business environment your business operates in and global economic conditions are constantly changing. You know that you have to move along with everything happening around you and to not remain static. This is where the business plan comes in. That means that you will have to be able to describe the future moves and activities that you have planned for your business. Smart Data and Analytics will give you all the information you need to be able to make your business plan and answer questions, such as:
- Who are your business’s customers and how will it go about selling its products?
- What is the size of the market?
- What is the business model?
- Who are the competitors and what is your business’s competitive advantage?
- How will you manage your business activities as your business grows?
- Which are the risks and threats your business faces and what can you do to protect it?
- What are your business needs in terms of capital and cash flow?
How can a business use Smart Data in practice?
Business growth is a constant challenge. It requires energy, commitment and the right moves. Success lies in the combination of good business decisions and hard work. Successful entrepreneurs have something in common: they know the needs of their ideal customers. This is also the ultimate goal of Analytics:
Finding consumers
What do most people say about your business? In which areas in Greece do people talk about it the most? Answers to such questions, in combination with the data of existing customers, can contribute in profiling existing and potential customers. These are the profiles you will use to find the ideal demographics and your next customers. Comparing these demographics to public opinion allows you to have an even more complete picture. For example, you can research your competition. Then, based on your results, you will be able to understand which areas you should focus more on, and even expand in.
Business expansion
Let’s assume that you are at a place where you want to expand your business and open a branch or a new store or office in another location. You have a wealth of information regarding your growing clientèle, your equipment and other business assets, payroll, as well as transportation or distribution issues. Did you know that the expansion plan you aim to make can, and has to, be based on these data? With Analytics you can get information that is easily comprehensible through graphs and reports, that will help you make the right decisions.
Creation of marketing campaigns
You now have sufficient data that have enabled you to understand who your target audience and competition are. This is the information you need to reevaluate another vital part of your business: marketing You will now be able to approach your target audience more effectively, in terms of the manner and style of communication they would prefer, their preferences and the type of promotions that they would be interested in and would set you apart from the competition and the rest of the market. Smart Data are the manner in which you will be able to find your competitive advantage, as well as what you should be offering to consumers and your customers. Analytics give you the power to use Smart Data to make the best decisions regarding marketing and beyond that.
Because data have no value, if we cannot make them valuable.
