In this day and age, data is more abundant and more accessible than ever before. Computers and technology have made it easier than ever to collect, manipulate, and analyze just about every type of information available, but there is a significant difference between having data, and having actionable data that you can use to make informed decisions about your business.
The data your business collects can be used to measure profitability, to determine the most effective marketing channels for your business, and can help identify areas of your business where you can improve efficiency to lower costs. And when it comes time to expand your business, data can help you make an informed decision with lower risk.
There are many factors that go into determining the profitability of your business, and you should at least have a bird’s eye view of the profitability of your entire business on a monthly, quarterly, and annual basis. But the real opportunity for growth and increased profitability lies in your ability to examine the profitability of each service you provide. Focus on growing areas of your business with the greatest profitability, and dig deeper into under-performing areas to identify how you can increase profitability by lowering costs.
There are various marketing channels that owners of restoration companies employ to promote their business, but do you know which delivers the highest ROI for your business, and do you know where you are needlessly spending? By tracking the source and revenue for each new job, you can identify what is working, and understand the true cost per acquisition for every job. You can then use this information to identify the most effective and most efficient marketing channels for your business.
Data can be utilized to identify parts of your business that can be streamlined to reduce costs and improve overall efficiency. From equipment and personnel allocation to scheduling, this data can help you make decisions to “trim the fat” and run a leaner, more efficient company.
Because the restoration industry can be seasonal, identifying trends and preparing for highs and lows can ensure that you run your business in the most efficient manner, no matter how slow or busy you are. Historical data can be incredibly useful for predicting trends so you can be prepared for anything.
Data should be a powerful tool for your business, and having the right tools to easily collect and analyze your data is essential. DASH makes this easy for you, from tracking and providing reports on financials, tracking lead sources, and ensuring you run a lean business by streamlining administrative tasks.
The goal of every business is to grow – and the key to a successful business is sustained growth over time. By monitoring and evaluating data, you can make informed decisions about your business to increase margins, reduce unnecessary spending, and improve efficiency to ensure your business is lean and healthy and well as profitable.