Small businesses have a higher risk of failing compared to bigger businesses. In fact, 20% of small businesses fail in their first year. By the second year, 30% would have failed. The reason for this is small businesses have less capital to manage losses, meaning there's less room for improvement over a short period of time.
Fortunately, there is one-way small business leaders can avoid failure: creative leadership. Creative leadership is the right solution for today’s business challenges as it promotes consistent flexibility. Leaders constantly need to make decisions that will help their small businesses adapt to whatever situation is at hand.
Below are the top 4 features of Power BI that can help small businesses thrive.
Why do small business leaders need Power BI?
1. Power BI provides real-time information
Microsoft Power BI
is a business intelligence service that allows users to see dashboards and reports related to their business. With it, there’s no need for you to manually collect and analyze data on your own, or even wait for a certain period of time to see specific information. Instead, Power BI can be set up to display real-time information. This way, you can identify issues and solve them immediately, such as when costly marketing efforts are ineffective for increasing sales. This is especially crucial for small businesses because even minor mistakes can result in huge losses.
Want to know how Power BI can help your business to transform your scattered data into useful insights?
Read our comprehensive Power BI guide which includes:
- Importance of BI tools for your small business
- How to make interactive reports using Power BI
- Great Power BI Dashboard Examples
- Power BI vs Other BI tools
And lots more...
2. Microsoft Power BI makes data easier to understand
Rather than simply showing you numbers, Power BI visualizes data using graphs, charts, and tables to make it easier to digest. This visualization is one of the reasons why your small business needs business intelligence
. It helps you better understand your business and make fact-based decisions. For instance, seeing that one particular team member makes the most sales through data provided by Power BI, you can assign them a product that has the least number of sales. Doing so can improve your chances of increasing the product’s sales and help your small business grow further.
3. Power BI improves customer relationship management
It’s no secret that businesses rely on their customers to stay afloat, but this is especially true for small businesses. A small business that loses even just one customer can greatly affect its revenue. Power BI can aid in this regard by helping small businesses improve customer relationship management
. Included in the data it collects and presents is customer information like their preferred products and services, where and what time they like to shop, and any points of improvement they have for your business. With this information at hand, you can tailor your products, services, and customer interactions to make sure that your customers remain satisfied with your small business.
4. Power BI predicts the future of your small business
That being said, one of the reasons small businesses fail is due to finances such as a lack of capital or failure to set aside funds. This is why small businesses can’t ignore forecasting. This step is vital if you wish to gain insight into your present and future performance. Power BI helps predict this future by using data to show what the next few months or years will bring. For example, if it notices that the holiday season is associated with more sales, you can anticipate this by increasing your product supply and manpower to meet customer demands. Overall, it allows you to perform in accordance with your small business's long-term goals.
Power BI is a tool that can help small businesses succeed by improving customer relationships, forecasting, visualizing data, and providing real-time information. Utilize Power BI today for the benefit of your small business.
Are you looking for strategic ways to improve your reporting and analytics for your business? Contact our Power BI experts today!