Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
I was attending a CEO roundtable discussion the other day and a question was asked of me, “What is the biggest challenge facing owner/entrepreneurs these days?” That’s a pretty broad question because as an owner/entrepreneur myself I see many of you facing a wide variety of challenges from cash management, to inventory control, to human capital decisions, income tax issues, governmental regulation and beyond. Each day is a battle, and it’s a battle for survival. Most likely as an owner/entrepreneur such as yourself impacts the lives of several people each day by the decisions you make.
However, I do see one item more often than not, which I would put in my Top 3 issues for an owner/entrepreneur. That issue is simply known as Business Intelligence, or an effective Business Reporting Tool.
In reviewing my client’s existing processes something comes to my attention and I ask, “Why Do We Do That?” Usually after much dialog the answer usually is “…well that’s the way we have always done it…” And sometimes that way, was designed 20 years ago, when systems and processes were limited and not functionally complete.
If you are doing things at your company because that’s the way you always did it, I would suggest you take the time to determine if it’s still the best way to address the task. Or, are your processes limited by your knowledge, business applications and infrastructure support. Now is the time for maximum investment potential
Getting Business Intelligence requires a commitment to understanding your business, people, processes and your technologies.