Growth and Success

 The business world has faced some challenging times in recent years. The global onset of the COVID-19 virus in early 2020 forced millions of businesses to make some rapid and far-reaching decisions to react to the movement restrictions that came into force on populations so that business continuity could be achieved. Almost overnight, firms needed to roll out cloud-based IT platforms that supported remote and hybrid models of working. 

In addition, there was also the need to invest in online applications that supported effective communication and project management whilst staff worked from home. The companies that could undertake this effectively were able to function effectively during the pandemic; firms that could not adapt suffered financially, and many were forced to close permanently. This is just one example of how important business decision-making can be to the ongoing success of an organization. 

In this article, some other key instances of the value of informed business decision-making will be explored.

Finance options to support growth 

At several points during the lifecycle of a business, growth will be recognized as a key priority for long-term success. Larger companies with more diversified business interests tend to fare better than smaller firms that focus on one area. 

However, achieving business growth typically requires the need to invest and spend money or raise capital. When seeking business growth that requires investment, it is important to be aware of the financing options that are available and make informed decisions on which option to use. For example, a startup firm may see crowdfunding as a key way to secure early investment capital when creating a new product or service. This can be an effective way to raise money quickly, but often results in the need to give investors a percentage of your business. 

For more established firms who are seeking short-term funding for a new project, the field of commercial bridge loans may be a more attractive option. These are typically short-term loans that are secured on property assets. The key advantage of this form of finance is that funds can be released quickly, typically in around 10 business days if the application is accepted. They can be ideal for projects that are expected to generate additional revenue streams and are a key consideration when looking for finance options to support business growth.

The use of BI platforms 

In modern times, business decision-making is being shaped and assisted by the power of big data and advanced analytics platforms. Business Intelligence platforms such as Microsoft Power BI and Zoho Analytics take complex business, consumer, and economic data from multiple sources, combine it, and subject it to advanced analysis. This high-level analysis produces insights that could not be gained from using even the most talented statistical professionals, and certainly not at the speed that BI platforms can achieve it. 

Reports and key stats can be produced in a much shorter period, and these insights can play a key role in shaping the future direction of a firm. In any high-level business decision-making process, there is likely to be a degree of uncertainty. BI platforms reduce this uncertainty by relying on voluminous real-world data rather than simply the insight and business acumen of managers and leaders. This can result in sustainable growth strategies and improved long-term business success.