What is your business’s data telling you? 5 key metrics highlighted on Vonto

As a small business owner your time is precious. If you had an extra hour in the day, what would you do with it?

I guess you’re not shouting “take a deep dive into data!” Everyone has a lot on their plate right now, I don’t blame you but every piece of information at your disposal is crucial to making quick and informed decisions.

At Vonto we do the deep dive for you. Our app will serve you daily insights, highlighting trends, irregularities and the overall performance of your business.

In this article we are going to go over some key areas that can indicate your business’s health and what you can learn from them.

Table of contents

Accounting

Whatever your business, your bottom line is one of the most important indicators of your success. Keeping an eye on your outgoings, chasing up invoices and maintaining payroll are daily tasks that most owners are clued up on.

What can be missed are the trends hidden in all those numbers. These can be large scale things like your year on year growth, or small irregularities in payment methods that could indicate missed opportunities.

These insights can show what’s working and what deadweight needs to be cut. Look after the cents and the dollars will look after themselves.

Website Traffic Reporting

Google Analytics can provide a savvy business owner with heaps of information about who your customers are, how they found you and how you can attract them back again in the future.

More often than not, the customer’s relationship with your brand starts online. This means you should keep an eye on which channels are bringing in the customers and which are not worth their spend. No more throwing marketing ideas at the wall to see what sticks, find out what is converting those prospects into happy customers and dump the rest.

Knowing your customers better means serving them better. Make sure you are listening to what they are telling you while they interact with you, and it will save you time and money acquiring new ones.

Social Media

Social media is home to the world’s biggest conversation, and you want to make sure your brand is a part of it. Making your business available online can be one of the greatest tools of interaction between you and your customers.

A little bit can go a long way on social media, especially if you have a plan. Conserve your efforts and find a regular posting schedule that is manageable in the long term. As a business, some highly targeted social media advertising can do wonders in keeping your name at your customers top of mind.

You’ll know when you’re getting it right when your customers are tagging and mentioning you in their posts. Reaching out to them can go that extra mile. A simple reply can make them feel heard, running competitions can make them feel involved and reaching out if they have a problem can quickly turn a detractor into a cheerleader for your brand.

Ecommerce

The world of ecommerce is counted in moments – not end of day reports. Proactively responding to problems or demand can be difficult without an eye on the data. Managing inventory, suppliers and distribution can seem like a never ending task, but it is an integral part of your business.

The real magic comes when your insights show you that a particular product is your best seller, or another isn’t quite up to par. Instead of just following your gut, or upping your marketing spend in the hopes to push inventory, using data to inform your decisions means you can fix the issue before having to fill your garage with unwanted stock.

Point of Sale

Bringing it all together is your physical shop. Naturally, you want your brick and mortar store to give you the same hustle as all other aspects of your business. It’s the pride of your operation, so make sure to give it the same digital TLC as the other parts of your business.

Along with ecommerce data, your in store POS system gives you the most accurate and up to date information concerning your actual sales. Don’t miss out on all it’s telling you. Loyalty schemes can help bring customers back into the store, the time of each sale can help you predict busy times and basket size can make sure you aren’t missing any revenue. All of this can give you some answers while footfall is uncertain.

What insights will you uncover?

Since we can’t add extra hours to the day, at least we can make the most of what we have. There is valuable information waiting to provide inspiration and consideration to your next business decision.

Vonto’s free app seamlessly plugs into your existing business services. It can serve insights on the areas mentioned above and give you the edge while you navigate through whatever the future holds.

And it’s free, no matter what bank you’re with! Try it today and see what insights you will uncover.