Making Data Meaningful in Your Business
By Deidre Molloy, Director at TSP Accountants & Business Advisors – connect with me on Linkedin
As a business owner, you’re constantly surrounded by facts, figures, and information. But have you ever stopped to think about how that data can actually drive your business forward? I’ve seen many businesses collect vast amounts of data, but it only becomes truly valuable once we add context, relevance, and purpose to it.
Take a plumbing business as an example. You might be recording every job, but simply knowing how many jobs you did in a week doesn’t tell you much. However, if you analyse that data, you might discover trends—such as the type of jobs that are most profitable or locations where you’re getting the most repeat business. You might notice that Mondays are consistently quiet while Wednesdays are packed, which could lead you to adjust your scheduling or team availability. This is how data becomes meaningful.
In today’s fast-paced business environment, being able to react quickly is key. And this is where data becomes your best friend. Compiling, analysing, and acting on data can help you stay agile, giving you the insight to respond to market trends or shifts in customer demand. It may take time to gather and interpret the numbers, but trust me—it’s worth it.
Now, I’m sure many of you are already using cloud software for things like CRM’s or project management. What you may not realise is that you’re sitting on a goldmine of data! By tapping into that data and making sense of it, you can gain invaluable insight into your sales, expenses, staff performance, and more. These are the insights that can help you answer critical questions and make better, more informed business decisions.
Here are three key tips I recommend to ensure your data is meaningful and useful:
1. Start With Context: What’s Your Primary Objective?
Before you dive into your data, take a step back and ask yourself: What are you really trying to achieve? Is it increasing profitability, improving efficiency, or maybe even finding more time to spend with your family? These goals will influence what data is most important to you.
Over time, your objectives may evolve. For example, maybe you started with the goal of running the best restaurant in your area. But now, your priority might be to step back from the business a bit and have more time with your children. It’s essential to periodically reassess your objectives and adjust your focus as needed.
2. Accuracy Matters: Is Your Data Up-to-Date and Organised?
Data is only as good as its accuracy. If your financials are out of date or you’ve got unreconciled transactions hanging around, your analysis could lead you astray. Make sure your financials are always up-to-date, your transactions are reconciled, and your tax obligations are in order.
It’s also important to ensure your team is trained and your cloud systems are being used effectively. You might even want to explore AI tools that can help you analyse and respond to your data more efficiently. At TSP, we recommend tools like which can produce the reports you need to guide your business decisions, just get in contact with our team.
3. Prioritise What Matters: Focus on Key Data
Not all data is created equal. While it’s tempting to get caught up in every little detail, focus on the figures that really matter to your business objectives. Ask yourself: What do you need to understand to measure success? What’s going to help you achieve your goals over the next 6-12 months, or even 2-5 years?
At the end of the day, it’s about focusing on what drives your business forward. And if you need help making sense of your data or deciding what to prioritise, we’re here to assist. Whether it’s accumulating, analysing, or reporting on your data, TSP Accountants can show you the tools and strategies to take your business to the next level.
Remember, data is powerful, but only when used properly. I’m here to help you turn those numbers into actionable insights that make a real difference in your business.
At the end of the day, making data meaningful is all about focusing on what drives your business forward. If you’re unsure of where to start or need help with organising and analysing your data, our team at TSP Accountants can help. We’ll show you the right tools to use and guide you through the process of turning raw data into valuable insights that can take your business to the next level.
Data is a powerful tool, but only when it’s harnessed correctly. Let us help you make sure you’re using it to its full potential.
Contact me directly at admin@tspaccountants.com.au or give the office a call to book in a consultation with me, on 49 264155.