Fearless financial management starts with biz intel! Learn more in our series Getting Started with Biz Intel.
Some days my brain literally aches from too much information. Science backs my lived experience. In the 6th edition of the study Data Never Sleeps, researchers estimated that by 2020,
“1.7MB of data will be created every second for every person on earth.”
In other words: information overload.
It would be impossible to process it all. That’s why CEOs and business owners need some guidance sorting through the flood of data to determine which pieces are essential for making solid financial management decisions.
When CEOs and business owners are able to properly wrangle their data, they have the power of information to guide their strategy and inform their decisions. That’s what this Getting Started with Biz Intel blog series is all about.
GETTING STARTED WITH BIZ INTEL
What is business intelligence? It’s a broad term, encapsulating a variety of ideas, tools, and techniques. Which means that depending on your exposure, business intelligence can mean something slightly different to each one of us! So let’s get a shared definition in place to kick off this series. The team from Eye on Tech developed this helpful explainer:
“Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed business decisions.”
Sources of intel for financial strategy include all your reports and statements: P&Ls, balance sheet, A/P and A/R reports. A regular review of your data allows you to adjust your course accordingly to stay on track for your goals.
BIZ INTEL FOR FEARLESS FINANCIAL MANAGEMENT
The data you have available is powerful—IF you know how to read it and apply it to your current business situation. That’s why Officeheads invests in our clients’ ability to process biz intel. We train our clients in reading their data, using our proven methodology. Officeheads client Jack Dolan, CEO & founder of Nameless Media, explains why our approach has worked for him:
“My favorite Officeheads metric is running my profit and loss statement—I’d never been able to do that (at least properly), and knowing exactly where I stand at any given moment is a huge blessing as a new business owner!”
Every CEO and business owner needs to know how to now only read their statements but also know what the information means to their next decision. When you have access to BI and know how to apply it, you can:
- detect any potential financial issues before they become major problems
- track progress on your business goals
- maintain the health and vitality of your financial foundation
As a CEO, these are essential actions. You have to know the financial health of your business, such as the amount of cash on hand, outstanding debts, and revenue trends. Biz intel helps you make informed decisions about offerings to introduce or discontinue and markets to pursue or ignore. This blog series will take a long look at biz intel, covering all the angles.
START WITH OFFICEHEADS
You may be new to the biz intel conversation. And that’s ok. This is our sweet spot! Officeheads works with successful CEOs and business owners, doing what we do best so they can keep doing what they do best.
We come alongside CEOs and business owners to bring your entire company into the biz intel game, using our signature 5-gear financial management approach. Reach out today to see how the team at Officeheads can put your biz intel to work for an incredible 2023.