A healthy business is continually growing, expanding, improving, and striving for more. Even if they are small, incremental steps, movement, and progress are keys to a positive trending business. Contrarily, stagnation and apathy usually signal an impending death knell. Just like the changing of the seasons, change brings growth and growth is an indicator of a health.
For many businesses, growth may be combining forces with other business entities, either in the form of a merger or an acquisition of one business by another. Whatever the scenario, you are best equipped for success when you have applicable data available for analysis. Everything, from the marketing and advertising numbers, to the space occupancy reports, will garner a clearer picture of where the bottom line is and where it can go. As always, the devil is in the details.
Fortunately, technology is available to greatly assist in gathering and crunching infinite sets of data, giving C-Suite a myriad of metrics to consider. On the other hand, technology can be a double-edged sword. Having so much data available can seem overwhelming to some, especially if you don’t have the proper tools to analyze and decipher the numbers. Meanwhile, competitive forces are also able to use technology and, if you aren’t up on your game, they may surpass you before you know it. Now more than ever, the right tools are critical for success.
Predictive Analytics and Educated Choices
Often, companies are primarily evaluated on their profitability. Although this is an important metric, there are so many other factors which should be analyzed to determine the viability and health of a business. Some refer to these factors as core competencies. For example, factors such as market sustainability, logistics and communications systems, marketing and advertising, and real estate and work environment management are all contributing factors to the success of your business. If you aren’t monitoring all of your core competencies, you may miss a weak spot or an opportunity to head off a problem before it becomes a full blown drain on overall profitability. Additionally, when current and past core competency metrics are monitored, leadership is able to make predictive judgements and moves for the future and avoid economic and productive downturns.
When considering a merger or acquisition, these core competencies, for all parties involved, must be fairly valued and assessed. There must be an understanding of the impacts and adjustments on the horizon and how to plan now for future success. By incorporating software for data collection and analysis into your company and its culture, you are able to receive the specific numbers and information needed to steer and course correct from an insider vantage point.
You will also cultivate a greater work culture, as nuanced details find attention where they were once afterthoughts. In fact, the comfort and compatibility an employee feels in their work environment can have great impacts on their productivity, potential turnover, and, ultimately, the bottom line. With data collection software, employee concerns can be pinpointed and addressed with much improved accuracy, therefor showing your workforce you hear them and care what they have to say, a huge factor in overall success and profitability.
For both the employees involved, and the upper management regulating most of the moves, a merger or acquisition requires a buy in from everyone; i.e. believing in the overall path and motivations of the business deal and company future. Creating strategic steps for such moves is critical for involving your people and outlining where you plan to go and how you’ll get there.
1. Understand the strengths and weaknesses, the short and long term goals, the mission, core values, and overall ethos of all parties involved. If the company you’re looking to merge with is diametrically opposed to your directions, it’s probably not a good fit.
2. Analyze the businesses and explore what is propelling or holding back progress and success. This is where the data analytics become so critical. This is also the stage which requires the most in depth analysis and needs a robust system to help gather and process the data.
3. Equally as important is the Planning phase, in which all of the data sets and analysis become the factors for making next steps. Changes, adjustments, and additions to existing models can be tricky. Making precise decisions, with the numbers to back them up, is key to maintaining the buy in metric.
4. Act on you decisions, and with confidence. More than ever before, businesses are using data to predict next steps, and often with great success. This is because the whole of the company is being assessed, not just the financials.
When an entire organization begins to visualize the goals, they are more likely to actualize them, as well. Data analysis is the looking glass which helps lead the way.
Incorporating SpaceTrak into your management system enables an organization to make more informed moves, leading to greater short and long-term growth. And, since these systems can be accessed and used by everyone in the building, buy-in from all levels of the organization is achieved.