Poor data is in my top three causes for a newsagency struggling or failing.
If you do not use accurate current data in business planning then your business decisions are more likely to be either wrong or less effective.
I know data can be a boring topic. It is better for you to master this boring topic and have a business than it ignore it and not have a business.
Yes, it is that simple.
Accurate current data can help you:
- Buy better – buy replacing what is selling, buying to a budget and buying new products based on what shoppers buy today.
- Deal with suppliers, compare suppliers understand the financial value of suppliers.
- Cut employee theft.
- Cut shopper theft.
- Tune your roster to cut labour cost.
Every newsagent either wants or should want these benefits. It is a weakness for and of our channel is that more newsagents ignore data than embrace it.
So how to you improve the quality of your business data: scan everything you sell, enter into your computer system all stock that comes in, scan out everything (including cards) you return, do a stock take ASAP and then rolling category stock checks through the year.
These tasks can be done in the regular course of running your business. They are not a burden. Newsagents sometimes say they are a burden so they have an excuse to not face up to the truth of their business data.
Your data is your truth. Embrace it and your business will improve.
I know of at least ten newsagencies where an employee was able to steal more than $100,000 because the business did not treat data with respect.