You may or may not have heard the term Business Intelligence or BI before now, but it is something you should familiarize yourself with when planning to open a small business. A simple definition of BI is “the accumulation, analysis, reporting, budgeting & presentation of your business data… to better manage your business.”
What skills are needed for business intelligence? The skills for business intelligence include Data Analysis-understanding data that will help grow your business, There are several choices should you decide on business intelligence for your small business. Some other skills include Problem solving, communication, and knowledge of your targeted industry, targeted audience and more. We go more in depth for you below. Keep in mind these are general samples made for you to understand the terms better.
What is Data Analysis? Checking into, cleaning up, fixing, and remodeling the data of your business. With a goal of finding useful information that will help grow your business on a daily basis. It will also help you to understand solutions you may need to help your business continue its growth by clearing up anything thing that could ultimately ruin several aspects of your business.
Data analysis is highly important to business managers when making decisions, problem-solving, and even purchasing more or less inventory. With the proper analysis of your small business data, it can help your business go forward, increase efficiency, achieve goals, and increase profits and revenue.
What is problem-solving? Understanding conflict and providing the proper solutions on how it can affect your small business. You must be able to solve any problem that you come across in your small business effectively and efficiently.
What factors make for good communication? Being an exceptional communicator will help your business go forward whether your communication is with employees, other businesses, vendors, individuals with higher positions than yourself, but especially with customers or potential customers. Remember that by having excellent communication skills, it will help move your business forward in all aspects. A few parts of good communication include;
Building rapport and lasting business relationships
Resolving conflicts or problems that may arise
Having effective meetings
Can allow for repeat customers, vendors, products, employees, and higher sales
What are some examples of a target audience? Your target audience is the individuals that you create your products for. Which consumers will your product or service benefit the most? Children, pet owners, retail stores, automobile owners, teachers, joggers, lawyers, authors and more. Once you figure out which individuals will benefit the most from your product or services, you will then have your target audience.
What are some examples of a target market? Again, your market should be where you believe your product or services would be the most beneficial. A few target market examples could be-profit organizations, bookstores, pet stores, restaurants, car dealerships, crafts markets, marinas and more. Once again, when you understand the market you want to be in, you will have your target market.