BUSINESS FUTURE PROOF SERIES Know Your Numbers: Part One Delivered on behalf of: Presented by BEN LEVER
LET’S BREAK IT DOWN Today we will discuss: GETTING TO 1. How data helps you to answer questions KNOW about all aspects of your business to make more money YOUR 2. Using data for looking backwards and NUMBERS looking forward 3. How spreadsheets can be used for modelling data and forecasting
DATA HELPS YOU TO ANSWER QUESTIONS ABOUT MANY ASPECTS OF YOUR BUSINESS
DATA IS RELEVANT THROUGH OUT ALL PARTS OF YOUR BUSINESS Image credit: Big Kiss Travel
BUSINESS VIABILITY ● How much money did I make last year? ● Why did I lose money last year? FINANCIAL QUESTIONS ● Can I afford to hire new staff members? ● Should I raise my prices? Image credit: Big Kiss Travel
BUSINESS FEASIBILITY ● Do I have too many staff? ● Do I have too few staff? OPERATIONAL ● What if we were more efficient? QUESTIONS ● How often are we using an asset? ● How much inventory do I waste? Image credit: Big Kiss Travel
BUSINESS DESIRABILITY ● Who are my actual customers? ● Am I reaching my customers? CUSTOMER ● Do my services resonate with my QUESTIONS customers? ● What if I attracted different types of customers during the week? Image credit: Big Kiss Travel
HOW CAN YOU USE DATA TO ANSWER THESE QUESTIONS?
ANSWERING QUESTION ABOUT THE PAST LOOKING ● How much money did I make last year? BACKWARDS ● How much inventory do I waste? ● Who are my actual customers?
Looking CAPTURE ANALYSE Backwards DATA
TOOLS FOR CAPTURING AND ANALYSING DATA
ANSWERING QUESTION ABOUT THE FUTURE LOOKING ● Can I afford to hire new staff members? FORWARD ● What if we were more efficient? ● What if I attracted different types of customers during the week?
Looking CAPTURE ANALYSE Backwards DATA Looking MODEL FORECAST Forward DATA
Looking CAPTURE ANALYSE Backwards DATA Looking MODEL FORECAST Forward DATA
THE HUMBLE SPREADSHEET ● General purpose tool ● “Digital back-of-envelope” THE TOOL FOR ● Allows for varying degrees of complexity MODELLING ● Widely available and shareable AND ● Lots of resources FORECASTING Google Apple Microsoft Excel Sheets Numbers
● Income/expense forecast SPREADSHEET ● 3 business types: EXAMPLES ○ Food and Beverage Retailer ○ Accommodation Provider ○ Service Provider
Explore the broader business Capture more data CLIMBING Model and forecast THE LADDER Analyse data Capture data
But remember ... THE MAP IS NOT THE TERRITORY
LET’S RECAP ● Data helps you to answer questions about many aspects of your business. ● We can use data to: look backwards and look forward . ● Spreadsheets are a powerful general purpose tool for modelling data and forecasting. ● Start simple before getting complicated.
RESOURCES PRESENTATION VIDEO RECORDING HOW TO GUIDE: SLIDES KNOW YOUR & TOOLS NUMBERS F&B RETAILER ACCOMMODATION SERVICE PROVIDER SPREADSHEET PROVIDER SPREADSHEET SPREADSHEET
Ben Lever P - 0408 533 801 E - ben@sparrowly.com W - sparrowly.com Check out our next webinar KNOW YOUR NUMBERS: PART TWO on Wednesday 23 September at 11:30am.
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