Essential tips for Business Analysis

Keerthana By  June 20, 2023

Hello, amazing business owners and leaders! Have you ever wondered how some businesses seem to always know what to do next to grow bigger and better? It’s often because they are really good at something called Business Analysis. Think of it like being a super detective for your business!

Business Analysis is simply about understanding your business deeply. It means looking at problems, finding out why they are happening, and then coming up with smart ways to fix them and make things better. We have used these exact tips to help many of our clients here in Tamil Nadu, and they have seen amazing results.

1. Understand the Real Problem, Not Just the Symptoms

Imagine your car is making a strange noise. You wouldn’t just turn up the music to hide it, right? You’d find out what’s really wrong. In business, it’s the same. Often, what you see as the problem is just a symptom.

  • What it means: Dig deep to find the root cause of an issue. Don’t just treat the surface problem.
  • Tamil Nadu Example: We once worked with “Rani Textiles,” a lovely textile shop in Coimbatore. Sales were low. The owner thought she needed more advertisements. But after talking to her staff and a few customers, we found the real problem: her old stock wasn’t appealing to younger buyers, and her shop layout was confusing. The real problem wasn’t lack of ads; it was outdated stock and a messy shop.

2. Gather All the Facts (Like a Reporter!)

Once you know you have a real problem, you need information. Lots of it! This means listening, observing, and collecting data.

  • What it means: Collect all relevant information from different sources – talk to people, look at numbers, observe how things work.
  • Tamil Nadu Example: For “Namma Food,” a local food delivery app in Chennai, we helped them understand why some deliveries were slow. We didn’t just guess. We talked to their delivery riders, restaurant partners, and customers. We also looked at the average delivery times for different areas and restaurants. This helped us see the full picture.

3. Look Closely at the Facts (Analyze It!)

Having lots of facts is great, but you need to make sense of them. This is where you find patterns, connections, and what the numbers are really telling you.

  • What it means: Go through your collected information and find what’s important. What trends do you see? What surprises you?
  • Tamil Nadu Example: When helping “Aasai Sweets” in Madurai, we noticed that even though they had many new fancy sweets, their traditional ‘Mysore Pak’ and ‘Jangiri’ sold out much faster, especially during festival seasons. The data showed that customers truly loved their classic recipes, not just the new ones. This helped them focus on what truly sold well.

4. Find Good Solutions (Be Creative!)

After understanding the problem and analyzing the facts, it’s time to brainstorm ideas. What can you do to fix the problem or make things better?

  • What it means: Come up with practical and effective ways to solve the problem or achieve your goals.
  • Tamil Nadu Example: “Bright Minds Academy” in Trichy was struggling to get enough students for their evening classes. Our analysis showed that many potential students were working professionals who found it hard to attend physical classes after work. The solution we suggested? Introduce online live classes specifically for evening batches. This opened up a whole new group of students for them!

5. Explain Your Ideas Clearly (Make it Simple!)

You might have the best idea in the world, but if you can’t explain it, it won’t work. Make sure everyone involved understands what needs to be done and why.

  • What it means: Communicate your findings and proposed solutions in a way that everyone, even those without a business background, can understand.
  • Tamil Nadu Example: We helped “Poomalai Crafts” in Kanyakumari, a small business selling beautiful handmade items, to start selling online. The owners were not tech-savvy. We didn’t use complex terms. We showed them step-by-step how to take good photos with their phone, how to write simple descriptions, and how to pack items safely for delivery. Simple, clear instructions made a big difference.

6. Test and Make It Better (Keep Learning!)

Business analysis isn’t a one-time thing. After you put your solutions into action, you need to check if they are working. If not, make changes!

  • What it means: Implement your solutions, then measure their effectiveness. Be ready to adjust and improve based on what you learn.
  • Tamil Nadu Example: “Green Farms” near Erode launched a new line of organic vegetables. After a month, we checked sales numbers, customer feedback, and delivery times. We found that while people loved the quality, the delivery cost was too high for small orders. So, we suggested offering a subscription box service with lower delivery fees, which made it much more attractive to customers.

By following these simple steps, you can become a fantastic business detective yourself! Business Analysis helps you make smarter decisions, avoid big mistakes, and ultimately build a stronger, more successful brand. It’s all about understanding your world better and making smart moves for growth.

Start applying these tips in your business today, and watch your brand grow!

Make a Comment

Your email address will not be published. Required fields are marked *

Let us help you get your project started.

Contact

 +44(0)20 3156

 

 +1 866 512 0268

Start your project