Know Your Numbers: Why Analytics Matter
No matter what kind of business you own, you always have one thing in mind: success. That is justified; every business owner wants to make a lasting impact on their communities – even small store owners.
However, it is often the smaller store that finds it difficult to progress in a competitive business landscape. Whether it’s because of lack of funds, resources or manpower, most small businesses can’t seem to escape their circumstances.
But there is one tool that can help small businesses grow: analytics. Simply put, they give a story behind the numbers, whether its sales or inventory, and contribute a lot to a business’s overall success.
So why do analytics matter for a small business? Let’s find out:
It Tells You Where You Stand
Analytics can capture old data efficiently, like old sales, inventory, and the like. By analyzing your past trends, you can get a better understanding of what kind of progress led you to the present, and where do you stand currently. With such valuable information, a small store can better understand what factors cause them to progress well, and what caused them to slow down.
It Helps You Make Decisions
Since analytics help you chart your progress in the past, you can better understand your strengths and weaknesses. By using relevant data, you can make well-informed, more efficient decisions on all things business – like inventory, sales, and customer experience. While bigger businesses don’t have an issue making decisions, small stores often find that even the smallest of decisions can make or break their company. For that reason, analytics help them correct any mistakes or errors they might have encountered, and stay on the right track.
It Lets You Understand Your Customers
The success of small stores depends heavily on their customers. That’s why they need to make sure they do whatever they can to keep their best interests. Fortunately, analytics help small stores study which of their products are best-sellers and which aren’t as popular. This way, store owners can understand their customers’ preferences, and make sure that they keep coming back for more. In a way, analytics help small businesses positively impact their customer experience.
When small business owners read such massive benefits of analytics, they might wonder: what kind of system can offer such features?
The answer to that is simple: Oscar Lite.
This free POS app not only has all the best Point Of Sale features, it also has an analytics tools. It’s lets you analyse sales by day, margin value and percent, total items sold, best-sellers, low-sellers, and more. This helps you gain a simple yet practical view of how your store is performing, so that you can make strategic money moves at the perfect time.
In the end, analytics can help you transform your business and its practices entirely. After that, success is inevitable.