Progress with Business Analysis and Business Growth Planning

It is a fact that many small businesses just starting out, tend to fail within the first year. One reason has to do with a bad business plan, or not even using a business plan. Like anything you do in your life, preparation, research and planning are very important in order to successfully achieve goals. You must study your current situation, research some possible options, and pick the right options that will boost your business growth.

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Think Small to Grow Big

think small

Being a small business is beneficial as the markets continue to sub-divide into niches. Whether you want to grow your business for increased income, more stability, or to launch a new and improved product, you should think small to grow big.

Use your size to your advantage. Unlike large corporations who need to make giant waves for recognition, focus attention on the one trait that makes you stand out. Cultivate your niche and leverage it to grow your business. Concentrate on providing a few expert services to gain a loyal customer base.

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For Entrepreneurs, Business Analysis is Personal

You’ve built a business from scratch. Long ago, you rolled up your sleeves and raised up a business on your back. Starting with little more than a passionate entrepreneurial spirit, you crafted an effective business plan, established deep, meaningful customer relationships, and grew your company into a well-respected solid business.

But it’s become a new kind of struggle during the recent challenging business environment. If you’re finding it tough to make things succeed by buckling down and digging in like you used to, it’s time to have some fresh eyes take a look. When your whole life is entrenched in your business, it’s hard to perform a fair business analysis required to turn things around. That’s when an outside consultant is beneficial for reviewing your core business elements.

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Using Predictive Modeling in Business Analysis

Business analysis, coupled with the science of analytics, is an important topic in today’s business environment. The proliferation of data production in every facet of an operation has created massive amounts of information; but what happens after the data is mined and decisions need to be made? That’s where predictive modeling comes in; using analytics to create a statistical model of future behavior. If you build an accurate model of your customer’s behavior, you’ll be able to stay ahead of the curve.

A predictive model is a combination of any number of variables, or predictors, that influence behavior. Because models are data-driven, they can be applied to any operation, industry, or function. Typical predictors in a production environment could be supplier lead times, or a product’s shelf-life. A marketing department might focus on a consumer’s purchase habits, and demographic information like age or gender. The applications and opportunities are endless. Modeling is used in applications for capacity planning, information technology, and disaster recovery planning, among many others. A predictive model can be developed anywhere that data is collected.

The role of the business analyst is to discover and determine the relevant predictors, collect the data, and develop the model. In many cases, this is an ongoing process where the model is updated as new data is collected. For example, a changes in material suppliers could affect production time, requiring model validation. Models can be simple or complex, depending upon the number of predictors and their relationships to each other.

A business analyst, even with a predictive model, is not a fortune teller. Their job is to understand the climate, and tell you what might happen, based on the data and predictors being used.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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Business Analysis Using Big Data: 3 Top Tips

Your business analysis now has the opportunity to expand into a tool for personalization and automation simultaneously using big data. Here are three top tips for incorporating big data into your business analysis.

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