According to popular surveys, any decrease in overhead for small businesses enables a shift to increased revenue and operational growth while freeing up time. These surveys state that outsourcing offers continuity, risk management and operational expense control.
Professional research and analytics aren’t exclusive to only enterprise-level industries. Small businesses realize that relying on instinctive approaches to decision making isn’t sustainable, and there is a necessity for data-driven market insights. They’re transforming digitally, using data to inform their decision-making processes across the value chain. Revenue growth and increased competitive advantage are priorities that small business models are obtaining by investing in analytics.
BackOffice Pro (BPO) offers professional research and analytics services for small businesses so that they can remain competitive, and drive data-based decision making across all departments.
Outsourcing custom research and analytic services improve your business’s ability to garner actionable insights from data and better identify trends, opportunities, and risks that impact the longevity and success of your business. BPO’s research and analytics solutions are situated to incorporate small business endeavors by unlocking value being generated within their business.
The Impact of Research and Analytics on Small Businesses
Understanding your market is crucial. Determining if your products and services are commercially feasible is the "difference between a successful business and a hobby.
However, small businesses often face challenges when attempting to align analytics with hitting their business objectives to target key measures of success. This is further compounded due to roadblocks in acquiring the right data assets and technologies that generate business benefits. Keeping up with technology is particularly difficult for small businesses who are dedicating their time to running their business.
The U.S. Small Business Administration urges smaller companies to manage their finances through cost, ratio, and monthly cash flow analysis, in addition to other forms of financial research and analysis.
BackOffice Pro tailors research and analytics models around small business needs, with interpretable, well-clarified insights that communicate results aimed towards providing the intelligence they need to overcome challenges and leverage data to their best advantage.
BOP’s Custom Research and Analytics Services
Harvard Business Review research identifies that small businesses benefit from exposure to data and analytics which encourages decision makers to share insights with their employees and involve them in competitive thinking.
BOP ensures that smaller companies don’t struggle with their intensive research requirements due to lack of dedicated internal research capabilities. The deployment of a research and analytics campaign that creates a roadmap of analytics informed prospects and opportunities is the tool that secures long-term small business success.
- Increasing Knowledge of Market Landscape - Market environments are in a constant state of flux, and small businesses can better segment their market and incorporate data strategies to empower sales and marketing. Small businesses can obtain a complete view of the market and evaluate their position compared to competitors to help maximize revenue and profitability. Additionally, market research identifies smart small business prospects, such as the viability of expanding into new markets or preparing for market disruption from competitors.
- Understanding Customer Behaviors - Small business can utilize solutions such as Customer Profiling, Media Research, and Customer Analysis to ascertain which tactics work successfully when onboarding new customers, or re-engaging existing customers. Gaining an overall view of insights across a customer lifecycle helps inform fresh methods of communicating brand awareness with customers, and helps small businesses develop more effective marketing and sales strategies angled towards specific customer attributes, habits, and preferences.
- Targeting Key Financial Drivers - Utilizing insights that reflect the progress and performance of a small business are critical to identifying the areas that boost profitability. Managing financial performance, such as financial ratios, expense projections, product and service prices, and overhead, can help small business save money, strategically allocate expenses, and overcome finance-related challenges.
- Visualizing Insights - Data that are quickly absorbed and applied towards sales, marketing, and decision-making strategy development is a valuable asset for small businesses so that they can keep pace with their competitors. Business Intelligence infographics and data visualizations allow businesses to look past the sheer volume of analyzed data to understand and determine information that will help execute and establish new solutions.
- Anticipating Risks - Uncertain economic, government, industry competition, legal liabilities, and market factors can substantially impact small businesses, disrupting operations and leading to adverse outcomes. Risk management enables small businesses to assess and monitor threats both and internally and externally. With risk analysis and management, small businesses can prepare for volatile market conditions, identify how events will impact their operations and performance, and strategically leverage insights to avoid losses.
Actionable Insights for Small Businesses
Smaller businesses need dedicated insights that are adapted to their unique business model. A “one size fits all” approach to research and analytics simply doesn’t provide value. BackOffice Pro helps small businesses with customized operational and performance-enhancing solutions and an actionable approach to data insights. With the ability to guide decision making through the value of data, smaller businesses can remain competitive and relevant.
