Do you know how important statistics is in your business? I meet a lot of business people day to day and when they start asking for my advice I normally ask them several standard questions about statistics in their business and most of the time I get surprised by their answers or the lack thereof.
You see, statistics play a fundamental role in every business and yet despite this fact, I see a lot of business owners taking statistics for granted. And what I mean by this is that they don’t take the time to really know the statistics in their business. So when I ask them questions they just make guesses and when you guess you are not stating a fact, you are simply stating an opinion and an opinion does not give a clear picture of the state of your business.
So why is statistics important in business? In business, there will be times when you are required to make very accurate and quick decisions. If you make the wrong decision it can turn everything around. As a successful businesswoman I need to know what my customers want and with this knowledge I would know what products to sell and in what quantities that in the end will give me a profitable income. But I wouldn’t know all these things not unless I get down and dirty with statistics.
To put this more clearly, statistics have helped thousands of businessmen in planning production based on the preference of their customer sand not just that you can also evaluate your products more efficiently based on statistical means. Basically every activity you do in your business has to be linked with statistical information so you can get a better understanding of your business. When you have statistics at your disposal you can make better and far more successful decisions when it comes to marketing your products, the location of your business as well as financial resources among others.
If you get overwhelmed don’t fret because you can always ask help from experts. You can hire accountants or statisticians to do the job for you and all you need to get is the information and the rest of the computations are up to them. The important thing is you know the statistics of your business. You don’t have to know everything if that scares you. You can just pick out the ratios and the statistics you need so you can have an idea how your business is doing.