Are your numbers lying to you?
Are your numbers lying to you?

Are your numbers lying to you?

FC Business Solutions - Thursday, April 05, 2018

We’re in the digital age, and as a small business owners we now have more data and information available to us to be able to asses and analyse the performance of many key performance areas.

What data should you be analysing:

  • Sales figures
  • Customer traffic and visit/call patterns
  • Stock and product movement
  • Digital acquisition costs e.g. Cost Per Click

When using the data for forecasting remember to:

  • Compare year on year, month on month, etc.
  • Consider external factors e.g. seasons, weather events, holidays and local events,
  • Don’t just compare March/March, compare March-April/March-April (Easter not the same each year)

Tips for analysing your numbers

  • Compare each data period to the previous data set
  • Compare periods to the same period the previous year
  • Take into consideration public holidays and local events
  • Look at external business factors such as the political climate

You can always go above and beyond when analysing your own data by benchmarking against industry averages. Some great resources for industry data include

  • IBISWorld
  • AdStage
  • Australian Bureau of Statistics
  • Industry association reports

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