Monday, August 1, 2016

What Business Owners Would Have Done Differently in Launching Their Business

The Alternative Board recently released the findings from their Small Business Pulse Survey.  Over 500 business owners were surveyed to get their thoughts on what they would have done differently in launching their business if they knew then what they know now.  The research discovered that most business owners started their business from scratch and invested personal savings to get things running.  Their motivation was to be their own boss and would do the whole thing over again if given the opportunity.  Below are the key takeaways from the report which can be accessed via the link below.

Courtesy: Google Images
Of business owners surveyed, here are some important takeaways.  
  1. The most common motivation for owning a business was to be their own boss
  2. The areas in which the most time has been spent are strategic planning, sales and marketing
  3. Areas in which most money has been spent…
    1. Hiring/training employees - 20%
    2. Marketing - 18%
    3. Sales - 17%
  4. Having a better coach/mentor and business model are the areas of most benefit when the business was started
  5. Most wish they would have created a system/plan to generate more leads and formed a network of experts for advice earlier in the process
  6. Top things that should have been done more often…
    1. Delegate to others - 38%
    2. Find time to relax - 18%
    3. Take risks - 14%
Let’s talk about two of the important things: Operational Efficiency and Delegating to others

Restaurants are very tightly managed organizations and efficient operation could mean survival and that is where Analytics and we come into picture. Analytics is relatively new, but the core idea (which is Data Driven or Data Informed decision making) is not. We have always been in some form or fashion data driven organisms. Admit or not, we are always making decisions - when to sleep, what to eat, what to wear, where to go, what to buy etc. and all of these decisions are based on historical data which we call it experience or gut. Analytics is all about using quantitative facts to make decisions. Not just any decision, but good decisions. Let us know if we can help.

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