Published on December 16th, 2022
Business data is one of the most powerful tools available to any business. Properly utilised it can completely transform the fortunes of a company. Yet it is often underutilised or neglected completely.
It’s fair to say, all business owners would like to see improved growth and profitability without having to invest a large amount of money themselves or lose equity by selling a percentage of their business to raise funds.
It is often thought that it is not possible to drastically improve the money a business makes without spending a significant amount of money up front to do so. For example, if they want to increase sales they need to hire a new salesperson.
In a time where belts are being tightened and where competition for each pound customers have to spend has never been higher, business owners are nervous to make this sort of investment.
But it doesn’t need to be this way. Business data has never been more affordable and by letting companies work smarter not harder it can save huge amounts of time and money being wasted by inefficient processes whilst maximising returns by letting you focus on only the best business opportunities.
Below are a few ways you can use business data and business data programs to improve your day to day operations
1. Research Your Marketplace
Business data can give you an advanced knowledge of the market place you are operating in. It allows you to identify every single company you are competing with, potential customers and suppliers you can partner with.
Being able to see the big picture gives you a tremendous advantage as you can identify not only opportunity but threats to your business and allows you to react in the most effective way possible.
For example, if the market in you area is saturated with similar businesses it might be time to extend where you operate. If so, what area around you lacks what you provide?
2. Find Companies To Do Business With
Any salesperson will tell you that finding good leads is one of the most time consuming parts of their job. Hours are wasted trawling internet search engines and social media for new companies to sell to and when calls are made it is often with the most basic information.
By utilising business data you are able to quickly and easily identify every company that might have need of your product or service in the area you operate in.
You are also able to filter these companies based on type, size, turnover, location and much more. It is even possible to see how strong companies are financially, meaning that you can easily create a list of red hot leads that you know have money to spend.
This usually takes just minutes to do and meaning you can have your week’s worth of leads ready before your Monday morning coffee is cool enough to drink.
3. Find Contact Information And Details Of Key Contacts
Once you have decided which companies you want to call the next hurdle is speaking to the correct decision maker.
Cold calling without knowing who you need to speak to can see you palmed off on someone without the authority to agree a deal and means you can waste days prospecting the wrong person.
Business data can allow you to receive the names, roles and contact information of who you need to speak to, delivered straight into your CRM.
You can even start an email campaign to your prospects before you even call, making that cold lead a little bit warmer.
4. Find Solid Suppliers
Businesses often overlook the importance of doing business with financially strong suppliers and unfortunately this has been the downfall of many.
Having a supplier go bust out of the blue means that you will have to scramble to find a new one or risk being unable to supply your own product or service.
This can lead to you having to agree to less favourable payment terms as you are negotiating against a deadline.
In the post-pandemic world even finding a supplier on short notice may not be enough as long lead times might mean you are not able to obtain a key resource in time to continue to do business.
By reviewing the financial health of suppliers and only entering into business with the most likely to stay afloat you are able to ensure a steady supply of all resources you need to do business.
5. Actively Monitor Companies
One of the best ways to use business data is to monitor your clients, suppliers and competitors for any positive or negative events. This does not mean you have to trawl through financial reports each day, business data programs will send you updates on any company you choose to monitor.
This can allow you to spot growth signs from key clients and be the first to approach them selling additional goods or services or to capitalise on a competitor going insolvent by contacting their customers to win business before your other competitors are even aware of the available business.
Business markets are volatile and the unexpected will always happen eventually. Monitoring the companies around you gives you the best chance to react first and well when this happens.
6. Make A 12 Month Plan
For many businesses ‘sell more’ is a plan that they are happy with. However, having a clear set of goals gives direction and purpose and can actually help you react to surprises in the market place as you have direction to the decisions you make.
By utilising business data and the previous 5 steps you will be able to make informed and achievable plans and goals to drive your business.
Once you have done this make sure you communicate them to staff. Having a shared set of goals helps build a sense of team camaraderie and purpose.
They say knowledge is power and correctly used business data is just that. For a minimal spend you can protect your business from volatility in the marketplace, super charge your sales process and increase your knowledge of your business environment.
Red Flag Alert can help you with all 6 steps. With up to the minute business data on every company in the UK, run through an algorithm developed over 15 years in partnership with the UK’s biggest insolvency specialist and presented in a dynamic and easy to understand platform it can help you to prospect, check and monitor as well as offering a suite of other award winning services. Click here for a free demo and see the benefits of business data on your company today.
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