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As an SME business leader, owner, or advisor, thank you for driving one half of the gross domestic product in the top 17 countries around the world (according to the World Bank). We need you now more than ever!
I wish you much entrepreneurial success.
Phil Symchych
Founder
Global Business Advisors Forums
SME Leaders should ignore big data and use small data
Amidst the talk of big data, small/medium enterprises--and most business leaders--would benefit from ignoring big data and using small data.
What is small data?
It's the number of customers you have in a day, daily sales, average transaction value, and number of buyers vs. shoppers.
It's how much your facility produced or manufactured yesterday in real, measurable output.
It's how much cash you have in the bank, what your burn rate is, and how long you can self-fund your operations.
Small data is what is in your Flash report because it is measurable every day.
It's comparable to the day before, the week before, the month before, or the year before.
Small data is how you test the effectiveness of new strategy or tactics, in real time, with daily feedback. It's fast failing, fast learning, and fast success.
That's how you get smarter, better, more profitable, and more valuable.
Like the famous commercial for the cold medicine "that tastes bad but it works" small data is simple and it works.
When your management team knows and uses its small data, your company will have a big future.