The most exciting thing about smaller businesses is their potential to grow.
Growth can be both challenging and rewarding. It’s probably part of what drew you to work in a smaller sized company.
And while growth is always the goal to strive for, it does bring with it issues of scale. Businesses that don’t prepare well for the effects of growth will buckle as they grow. You know this is true in areas like data collection and storage, security and HR processes.
What is not so obvious is that how you manage your business information can have a huge impact on the success of your business as it grows – if that affect is negative, it can threaten to seriously undermine your business assurance.
Getting business information management sorted out now, before it begins to buckle from the impact of growth, will set you up for success. You’ll be confident that communication across the business is clear and understood, that any business information issues are transparent and efficiently resolved, and that you can get the information you need to make great business decisions.
That’s business assurance.
Everyone understands that their business generates data. You either collect it from customers, acquire it through conducting your business or obtain it through purchasing or generating it.
When you and your team take that data and create reports, outputs, readings, metrics, figures or any other information that has valuable and meaningful significance for your business, we call that business information.
Businesses generally think a lot (and spend a lot) on their data collection, storage and usage tools and systems.
But investing in the management of your business information is just as important in the long term. It can ensure that your business information is secure, used and understood correctly, communicated clearly and growth in size and bottom line is not undermined by unmet legal, regulatory or reputational risk.
We’ve worked with big businesses for the past few decades, trying to solve the issues of poor business information management. We’ve seen some pretty serious business assurance issues being faced by C-Suite executives of these large multi-national organisations because they couldn’t get reliable information about their business.
Without reliable information, they’re forced to make big business decisions based on something other than the facts of their business. That should make any senior business leader very, very nervous.
Without fail, the primary reason for these scenarios lies is poor business information management.
As a small to mid-sized business, you are in the ideal situation to build solid, best practice foundations for business information management, before the sheer scale of information, the costs, the number of staff and the energy it will take to implement good management, are all so overwhelming that it’s almost impossible to deliver successfully.
Now is the phase, in your growth trajectory, to ensure your business has rock sold business information management, to ensure continued success, as you scale up.
With best practice business information management in place, you’ll have confidence that:
We build business information management on four foundations:
In the meantime, why not connect on LinkedIn here?