Back to Basics

Maybe your business is in the start-up stage, or maybe you have been running along for many years. As your company grows and evolves things get added. The more people you hire the more complex your organization becomes.  It is important to do a “basics” check every year.  Companies are growing breathing entities and it is easy to head off into to new horizons and lose sight of the fundamentals.

Amazing software products can fire information at you - in real time - and in highly professional looking charts or dashboards, but is it valuable information? Are you collecting and reporting information that will help you make decisions about the future or learn from the past? Or are you just producing a bunch of reports because you can?  I have sat in many meetings and watched nodding heads as beautiful presentations of information were trotted out.  I asked many of the nodding heads what they use the information for – most thought it really was for the benefit of someone else in room, few thought it offered them any real direction or value. If the reports in your meeting are only relevant to one or two departments, then time and money is being wasted.

As you move through the various stages of growth – it is important to step back and look at the basics of your business.  What information am I collecting and what information do I need to collect?  Will this information help my company or my staff get the job done or fulfill a requirement? As your company grows layers of bureaucracy are born which can impede growth if they are not examined for value. 

What is Business Intelligence?

You have business intelligence right? You and your colleagues are a pretty smart and experienced bunch – isn’t that business intelligence?  The answer is “maybe” if you are using your intelligence to really know your business and have access to current details from which you can base your decisions.

 “BI” is a buzzword that is often thought to involve the purchase of some highly complex software program - but the truth is business intelligence can be something as simple as a spreadsheet.  Companies are often completely out of touch with the information or data that is flowing through the company.  Sometimes the most important information is not even collected or the most base and fundamental pieces of information are not “put together” to provide a cohesive picture.  Common sense really - you don’t have to be a technology wizard to understand the principles behind business intelligence – however, it is quite amazing how many companies are run on “gut” and luck.

BI is a way to gain insight into business that can provide valuable and timely information that can help make business decisions and positively effect and influence the enterprise.  Over the next few weeks we will break down practical ways to ensure your business is “intelligent.”  Please feel free to ask questions or comment on anything you read here.  See you tomorrow.

Dreaming the Dream

Perhaps you have a business already and are now thinking about a business plan, or perhaps you have yet to start a business.  Either way beginning your plan requires a little dreaming.  Where will you be in five years time?  Can you see yourself doing this?  This is the time to determine your objectives, dream the dream. The business plan is the way forward – do you have to follow it?  Of course not.  Does it have to be set in stone? No -  it’s a working “idea” that sets the stage and lays out possible “viability” of the dream.

There are 3 distinctive types of the basic business plan. The working plan, the presentation plan and the strategic plan. Each plan can be different depending on your purpose for creating it. They all tend to have similar elements however, they each look at your business from a different perspective – what you are doing – what you want others to know about what you are doing and what you plan to do in the future.  Many phenomenal businesses have started without a business plan – but all have come to embrace one or all of the types of plans I have mentioned. 

If you don’t have a company yet, try FormACorp.Com they will get you going quickly.  Looking for more ideas or some software to help with a business plan try Entrepreneur.Com for excellent business plan tips.    Oh and don’t forget there are always consultants (Fathom) to help.  Of course, you don’t need anything if you have the vision and the drive!  

Business Plan Anyone?

Outside View

It makes a lot of sense to hire a consultant when making a business plan.  A consultant is not vested in any of the ways you are currently doing business, they will look for those things that are working and those that are not and weave them into a plan forward.  Do you have a business plan?  If not where are you going?  Many business owners follow the bright shiney object of the day, a chaotic and unfocused way to make a living and one that without a huge helping of extreme luck will end with the business closing. Taking the time to set up a business plan helps your company move forward strategically.

Plan A or B?

Don’t get stuck in a plateau, making a plan can push you through to new heights.  A strategic business plan (or two) can provide you with a map to the hidden treasure.  It will help you pick your way through opportunities for the greater good, and won’t leave you second guessing a “missed” opportunity.  Decide who you are and what you want and plan for success.  

Finally Fathom has decided its time to share its thoughts with the world.  This is our first blog and just a note to get us up and running.  As we join the blog world we expect to share some interesting perspectives and ideas with you.  We hope you like what we say and can find some useful information to help your business grow.  Watch this spot ... for our first real blog!