In today's fast-paced business world, data is your secret weapon. Whether you're running a small cafe or a thriving online boutique, harnessing the power of analytics can be the key to unlocking your business's full potential.

But here's the thing: analytics are not just for big corporations with endless resources.

It's for YOU too.

In this blog post, we'll explore why using both financial and non-financial data is crucial for your small business's success.

Financial Data: Beyond the Balance Sheet

When we talk about financial data, most small business owners think of profit and loss statements, balance sheets, and cash flow reports. While these are essential, they're just the tip of the iceberg.

Financial data analytics can help you:

1. Pinpoint Profitability: Identify which products or services are driving the most revenue and profit. This insight allows you to focus your efforts on what's working.
2. Manage Cash Flow: Keep a close eye on your cash flow to ensure you have enough liquidity to cover expenses and invest in growth.
3. Budget Smartly: Create accurate budgets and forecasts based on historical financial data, ensuring your financial health.

But financial data is just one part of the story. To truly thrive, you need to embrace non-financial data as well.

Non-Financial Data: The Hidden Treasure Trove

Non-financial data encompasses everything that isn't strictly about money. It includes customer feedback, website traffic, social media engagement, employee performance, your mental health and more. Here's why it's vital:

1. Customer Insights: Analyse customer feedback and behaviour to understand their needs better. This information can guide product development and marketing strategies.
2. Operational Efficiency: Measure and optimize processes within your business, from inventory management to customer service response times.
3. Market Trends: Keep an eye on industry trends, competitor activity, and emerging opportunities to stay ahead of the curve.

Tools of the Trade

Accessing this data may seem daunting but chances are you are already using these applications to run and streamline your small business. Here are some examples of applications you might already be using:

Xero: Xero's online accounting software connects small business owners with their numbers, their bank, and advisors anytime.

Shopify:If you run an e-commerce store, Shopify is a go-to platform for tracking sales, inventory, and customer data.

Google Analytics: This powerful tool gives you deep insights into your website's performance, visitor behaviour, and traffic sources.

The Power of Integration

The magic happens when you bring financial and non-financial data together.

For example, you notice a spike in website traffic (non-financial data) and correlate it with a surge in online sales (financial data). This connection reveals a winning marketing campaign that you can replicate for even greater success.

Your Data Ally: Acanthis

Now, let's delve into the tool that can make this integration a breeze and introduce you to the game-changer: Acanthis.

Acanthis is more than just another data analytics tool – it's your strategic partner in business growth.

Bring all your data together: Acanthis securely connects with both your financial and non-financial data sources. It acts as a hub to provide real-time updates on your key performance metrics and business value. No more jumping between different platforms or drowning in spreadsheets – Acanthis consolidates everything in one place.

Visibility through real-time analytics: Acanthis doesn't just collect data; it integrates with all your data sources, including Xero, Shopify, Google Analytics, and more. It then combines this data to provide you with a performance analytics dashboard tailored to your industry. This dashboard not only tracks your key performance indicators but also compares them against industry benchmarks.

Actionable insights and guidance: Acanthis analyses your financial and operational data to highlight the crucial areas of your business that impact performance. It doesn't stop at data analysis – it translates complex data into meaningful insights and provides actionable recommendations that you can understand and implement.

Take actions that create real change: The recommendations you choose to act upon are turned into a comprehensive Action Plan. This plan allows you to track tasks, set target dates, and collaborate with your team or external advisors, ensuring that you follow through on improvements. If you need further assistance, Acanthis even connects you with trusted partners who can provide expert guidance.

In a world where information is power, small businesses must tap into both financial and non-financial data. This dynamic duo can help you make smarter decisions, improve operations, and ultimately, boost your bottom line.

Remember, data analytics isn't about complicated algorithms; it's about uncovering insights that drive your business forward.

So, don't let data be a mystery – embrace it, analyse it, and watch your small business flourish. Your success story begins with the numbers.

Cheers to data-driven success!