We’re in the insight business here at Ormsby Street, providing valuable data to small businesses and helping them make informed decisions on what to do next in their business.
The challenge with this is determining what information is actually important to small businesses, as it really can vary depending on the type of business and the stage of their existence.
What is more important:
- Knowing when a company will pay you, or whether they’ll pay you at all?
- Knowing that 20% of all their outstanding invoices are with one company whose credit score has started to drop, or that there is another company just like this that you didn’t know about but with a better credit score?
- Knowing that there are two similar businesses to the east of you who operate at a similar level, or that there are no similar business 10 miles west of you.
Knowing what businesses care about and how they plan to use that information is key for us to grow our business, but sometimes it seems like many businesses don’t actually know what they want to know or what would be useful.
What they do know is that they have a problem but they aren’t aware of how to identify this problem before it happens or what action they can take to avoid it.
If you’re a small business, have a think about the problems you face (whether it be cashflow, customer acquisition, or something else) and then take that thought to the next stage and consider how you might have identified this problem before it even happened (for example, through knowing which of your customers pay late, or what competition for your services there might be in the area and what they’re doing).
You can then take steps to proactively handle the biggest issues facing you today.
And if you want to share your priorities then just let us know so we can try and include this insight in our product!