Big Data, Small Data. Size doesn’t matter when it comes to capturing and evaluating your market and the health of your business.
What matters is what the data tells you and IF you pay attention to its message.
That is one of the highlights in the short 3 minute video below this post.
It presents a great example of where data – important data – was simply ignored by companies that became too big and too lackadaisical.
These companies assumed they could ignore major shifts in the market and that the market would continue to purchase products that were out-of-sync with the needs of the marketplace. For a time these companies were pretty successful – until it was too late.
You don’t want to be like those companies. You want to track the critical numbers and keep your eyes and ears on the pulse of your marketplace.
Science of Business
The other message you will hear when you view this video is that business – the science of running a business – isn’t based upon the owner’s college degrees or connections.
At its core, business is a hard discipline that creates its own data. And, that data tells a story – a story can be used to forecast what’s to come so business owners will be far better prepared when change happens, which it inevitable does.
But business owners have to pay attention to that data and take the necessary action to ensure the future of their businesses.
Impact of Business on Society
The last message remind you that business has a profound impact on communities in which it operates and within our world – be it local, national or international.
Its success or failure determines if someone or a lot of someones will have jobs or pay checks. It determines if families will eat, kids go to school and if communities will grow or wither.
If you want to understand why data matters to your business, how it can help ensure its long-term future and the far reaching impacts that the business community has on our world, then spend 3 minutes and watch this video from Growth Science.
I believe, hope it will give you food for thought.