The Ledger No. 13: Data & Strategy

August 12, 2021 Sarah Dameron

CEO looking at tablet with data and strategy graphics

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of how data can (and should) be utilized to build effective business strategies. Read on to see how to create a smart recruiting strategy, why legacy companies need to become more data-driven, how to build an agile business plan, and why the power of data is important.

data and strategy ledger

Why Legacy Companies Need To Become More Data-Driven

Data drives business and if companies want to stay ahead of the curve and beat out their competition, they need to put data first. Here are five tactics that businesses can focus their efforts on:

  • Understand what your data is saying. You can glean valuable insight about your customers from your data.

  • Identify your business problem first before deploying new technology.

  • Manage data as a team sport.

  • Educate your leadership team on the value of AI and machine learning.

  • Start small. Change is not an overnight process.

To learn how to differentiate yourself from your competitors and create business transformational strategies, read the full article on Harvard Business Review.

How To Build An Agile Business Plan

A decade ago, creating a six-month business plan was unheard of. Five years? Sure. 10 years? Most definitely. But six months? Unthinkable. However, times are changing, and shorter planning cycles are becoming the norm. Take a look at four ways you can create a fail-proof business plan:

  • Create a data-gathering process. Collect data throughout the year instead of starting fresh every time.

  • Rethink and redetermine your goals. By collaborating with your executive team, you can figure out what you can be doing better, what you should stick to doing, and what you should stop altogether.

  • Narrow down your priorities. Figure out your top priorities and then get your whole team onboard. You should also make your plans are well-funded.

  • Put your plan into action. You know the old saying, ‘Actions speak louder than words’. Well, seeing a business plan come to fruition is more than just writing words on a paper; it involves everyone on your team working towards the same goal and delivering the results.

To learn how to build a responsive company, explore the full article on CFO Dive.

How To Recognize The Power Of Data & Strategy

Data is a valuable asset across all industries. And in the finance and accounting world, that’s one resource you can’t afford to lose. The amount of data available has evolved over the years and it’s high-time CPAs start taking notice. Here are a few ways CPAs can harness and utilize their data to support business growth:

  • Look for more meaningful data. Stop using the same old data repeatedly. Instead, find new ways to use the data for your client’s benefit.

  • Be visual. Nothing spells confusion like a page full of numbers. By using visual reporting software, you can create a financial story for your clients. Moreover, 75 percent of the information that the brain takes in is from visual sources.

  • Give real-time updates. We live in a world that’s fueled by instant gratification and the constant need to be in-the-know. Using client dashboards helps to keep their data at the forefront.

  • Dabble in new tech. Don’t be afraid to take the leap towards technology. Instead of spending more hours than you need on monotonous tasks, invest in tools that will alleviate that headache.

To view the full article and understand why you should utilize data as a strategic resource, read the full article on CPA Practice Advisor.

How To Implement A Recruiting Strategy With Effective Data and Strategy

Does the unicorn candidate exist? How can companies attract that type of candidate? These are all questions that have probably crossed your mind during the recruiting stage and have left you scouring the internet for answers. If you want to hire the best of the best, here are a few strategies to implement that will help you find a suitable candidate:

  • Understand your employees. In order to hire the perfect candidate, you need to first look towards your team.

  • See what a candidate can add to your company. Ask for detailed examples during the interview process.

  • Does the candidate’s values align with your company’s values?

  • Find someone who thinks differently than you.

  • Make sure your candidate can adapt to change.

… and more. To read the full article, head over to Forbes.com.

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