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
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
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.