How To Make Stronger Business Decisions

Establishing a successful business in the first place indicates that you’re already capable of strong decisions making. Of course, starting a small business and expanding it into something larger are two different things. It’s rare for businesses in the United States to make it past the ten-year mark, and they fail for a variety of reasons. The most common of these is a simple lack of capital, but issues like limited online presence, poor market research, and investment in the wrong areas can all cause great harm.

If you want to have real success in the long term, then you’ll need to consistently make strong business decisions. Here are just a few suggestions that can help you.

Secure your online space.

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Every successful business relies on the internet these days, often both for direct sales and to market their products and services. You need to have enough space to expand your website, and you need to ensure that you can rank in online search results. Brokers who sell IPv4 space can help you with both.

IPv4 is the current version of internet protocol that assigns IP addresses to websites and to devices that connect to the internet. IPv4 addresses are made with 32-bit numbers, which are, unfortunately, not enough to keep up with the demand for IPv4 space. With more organizations utilizing the internet of things (IoT) capabilities and individuals logging on with multiple devices, the world is simply running out of IPv4 address space.

This is why it’s important for buyers to secure IPv4 address blocks while they can. IP addresses are assigned by ISPs who in turn receive the numbers from their regional internet registry. These registries assign IPv4 addresses to all of the major geographic regions, and you may find the need to purchase IPv4 address space for regions like ARIN (United States and Canada), APNIC (Asia-Pacific region), or LACNIC (Latin American and Caribbean regions). Sellers ensure that IPv4 blocks have clean reputations, so you can be assured that you can rank in search engines and keep your brand clean. With secured address space, you can comfortably begin building your online presence.

Use OKRs.

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OKR objective and key results is a goal-setting management framework made famous when Andy Grove introduced the idea to Google when it was a relatively small business. This framework was instrumental in transforming Google into the tech giant we know today, and there’s no doubt that it can help you make better decisions too.

Essentially, objectives are your main company goals, and key results are how you track your progress toward those goals. Let’s say you’re running a call center, for example, and one of your objectives is to help new salespeople get over the fear of cold calling customers. You might have solutions like incorporating improved training or scripts or adopting new technology to make things easier. You may choose to measure progress by the number of sales in the next quarter compared to the current one. If your sales increase, you’ll know the company OKR was a success. You can then set stretch goals to achieve even more. Conversely, if you find that you had too ambitious goals, you’ll be able to set more realistic ones next time.

Make your data work for you.

Data is one of the most valuable resources any modern business has. You can only monetize it fully, however, if it’s always accurate and up to date. This means you can’t rely on disparate systems to collect and store all your information. If you do, you’ll have to rely on the manual transfer of data, which is a time-consuming and error-prone process. Master data management (MDM) can make your business much more efficient.

Master data is any data you have that’s shared between two or more systems. If your customer data is shared with your sales team, for example, that’s master data. Having a single source of truth to collect and constantly update all of this data helps you stay on top of trends and identify any potential problems as they’re happening. It also gives you unquestionably reliable insights that can help improve your business processes. Ultimately, this is the best way to make stronger business decisions. Having the best data available can guide all of your other processes.

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