You don’t know, what you don’t know until you know it. Exposure is how you learn.”
When it comes to running a business any entrepreneur will tell you it’s a huge learning curve. Half the things you thought were right turn out to be wrong and the other half may turn out to be irrelevant. So what can you do to help yourself learn the right things faster?
A good starting point is making friends with data. Data is like that awkward guy at the party that people often avoid – until they realise he knows where the secret stash of beer is. It always pays to be friends with the person who knows stuff.
This is why we’ve created the Yoco Business Portal. The portal will help you make friends with your business data. Here’s how to get the conversation flowing:
Opening line 1: “Hey Data – How have my sales been this month? Are they more or less than last month?”
You can see this information in your sales tab in the Yoco Business Portal. Check it out in the video below – we’ve increased by 51% this month.
At this point many people might think “oh great I’ll just keep doing what I’m doing and carry on.” A better approach is to go back to the data and ask:
“By the way data, what factors contributed to this 51% increase?”
What products sold the most this month? Which brought in the most revenue? Which staff member sold them?
These are fairly straightforward questions but can often take time to calculate if you don’t have the right data on hand. Luckily, the Yoco Business Portal gives you all you need. Watch the video to find out more:
Looking at the business portal we can immediately see that although Flat Whites were our most popular item, the Lounge LED lighting unit brought in the most revenue. At this point you will need to do a quick calculation and subtract your cost price to see which items brought in the most profit.
We can also see that Yanick is the staff member that made the most sales.
What comes next?
The best part is now you can use all the time you saved on the manual calculations to figure out how to make the most of this information.
Maybe we’ll move the Lounge LED unit to the front of the store or run a Facebook campaign featuring the Clap lamps. We might also need to consider discontinuing the lowest selling items and maybe give Yanick a high five.
Once you’ve implemented the changes make sure you go back to the data to see if your changes have had an effect on your numbers.
Learn more about the Yoco Business Portal and how it can benefit you as a business owner here.