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15. How to Make Good Data Driven Business Decisions

Air Date:

Sep 28, 2022

Duration:

51 Min

Are your business decisions based on your feelings or the data?

Are you helping your clients make data-driven decisions or emotions or the data?

In this episode, we talk about three tools your business can use to make sound data-driven decisions and what role your accountant and finance person should play in this process.

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Episode Show Notes :

Opening: If you’re a small to medium size business, this episode is for you. Men lie, women lie, but the numbers don’t lie. 


Segment 1 - Relevant news stories 


The reality is that our emotions and confirmation biases are a huge deal, and when it comes to running a business, we have to develop our ability to Objectively step back and consider relevant factors before moving forward

  • ESG discussions 

  • Election laws

  • Inflation 

  • College Loan forgiveness


  • Main Point - how we analyze social topics vs. how we analyze business decisions


Segment 2: What does this mean for my business?


  • Using the business case:

    • What is a business case?

    • The importance of having one

    • Things every business case should have 

      • Current state

      • Future state 

      • Financial implications

      • Non-monetary implications

      • Measurable KPIs to keep track of whether the benefit is realized or not 

  • Forecasting and modeling

    • How often should you create one

    • How often should it be updated

  • Budget vs. actual reporting

    • How often should you check your actual progress to see if your assumptions or predictions were correct?


Segment 3: Resource and Key Takeaways

  • Focus on the data, not the emotions

  • Revisit the business case frequently - don’t assume things will stay the same as the market changes. 


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