Make your data more insightful

Would you like to take your business to the next level, but are unsure how best to do this?

If you want some fresh ideas and tested frameworks that can help you improve your company for the future and explore exciting new opportunities, I have created this newsletter for you.

This isn’t about quick fixes. I want to guide you towards sustainable success, but to do this you have to get better before you can get bigger.

The Challenge

Many business leaders will rely on their financial department, or resident maths boffins, to make sense of the numbers and feedback the relevant information.

It’s good to have specialists with particular skills, but running a successful organisation is a team game, so the expertise of these technicians should benefit the wider group.

Much of the uncertainty that surrounds data is due to presentation. Packed spreadsheets can be dense and confusing, so contextualising the figures in a meaningful way can make them accessible. The way data is reported to external agencies will need to be consistent with convention, but this does not mean the details cannot be rearranged more simply for internal purposes.

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The Solution

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Comparing figures can give them more meaning, therefore showing the variance with other numbers can be an effective way to present information. For example, listing the current figure alongside those of the last month, the last year, etc. can be useful for identifying trends and taking productive action. The percentage variance calculated from these metrics will highlight the urgency of attention each area should receive.

Ratios are another way of comparing figures, which can provide greater contextual analysis. For the majority of ratios, it’s easy to find both industry specific and more generic benchmarks for comparison.

As important as financial metrics ultimately are, they can seem more relevant and useful alongside other non-financial details. This could include data such as customer satisfaction ratings, which would contribute to retention and spend, or marketing intent, which would increase an organisation’s visible presence.

Turn what can seem like meaningless symbols on the page into vital information that ensures your business makes confident decisions.

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My Suggestions

1. Do you use variance ratios to compare actual performance with your targets?
2. Have you got enough lead (predictive) data in your reports, or are you over reporting lag (outcome) data?
3. Does everyone across your organisation understand the key performance indicators?

Hello, I’m Nick Cramp. I’ve been working as business owner and coach now for around three decades.

During this time, it often occurred to me that many leaders feel unfulfilled by their work, which seemed a pity given the amount of time and effort they have invested. I want to change this, so have created and collected a selection of the best strategies for business improvement.

My main mantra is that an organisation must get better before bigger. The reason for this is that without the best people, processes and systems, you have no springboard to reach that next level and sustain this success.

In 2021, I published my book Better before Bigger – Rethinking Business Success, which alongside my coaching and courses, outlines a holistic approach to running a thriving company.

I want to guide ambitious leaders towards the best practices and results, so their reality can align with their ambitions.

Take the Business Limitations Review to ensure you're heading in the right direction...

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