Four Steps To Better Data Management In Your Small Business

Four Steps To Better Data Management In Your Small Business

on Aug 23, 2020 in Small business

As businesses, we all handle a huge volume of data on a daily basis. No matter what sector you operate in, companies of all sizes and industries are finding ways to use the data they collect to inform what they do. The trouble for a lot of start-ups is that they don’t have the necessary understanding around data management practices. This can lead to a host of problems, from incorrect data analysis leading you into the wrong business decisions, to the rather more serious matter of data security risks. Data is a powerful tool and when handled correctly it can be absolutely transformative for your business  – provided you’re handling it in the right way.

Keep It Compliant

It’s hugely important to make sure you’re keeping up with the best practice in data management and keeping the information you have, especially on customers and suppliers, in the most secure manner possible. Everyone in your organization who deals with or handles data needs to be fully up to speed with current GDPR legislation, not least because they can be held personally liable for any significant data loss. A data breach is a very serious matter, and can potentially spell financial ruin for a small business.

Make Your Data Visual

You may be collecting all kinds of information, but your business is only as good as the data it knows how to use. Using a data visualization tool can be transformative in terms of the type of analysis you can do and the customer insights you can gain. Having easily accessible visuals means that you have an evidence base to support your strategies that you can also share with others – such as investors.

Keep Data Security At The Top Of The Agenda

Physical and virtual data security needs to be a constant priority within your business. Many start-ups simply don’t have the IT proficiency or staffing they need to be fully secure, so consider outsourcing to a cyber security company for fuller coverage. That way you get to avoid the pitfalls, such as phishing, malware and other types of cyber attacks. The threat is constantly evolving, so keeping on top of it is hugely important.

Make A Data Recovery Plan

Should you suffer an outage or a system going down, you’re going to want to have your business up and running again as soon as possible. So make sure that you have a solid data recovery plan in place. Map out the details of who will be responsible for recovering any lost data, a timeline for recovery activities, and any IT partners who you might want to involve in the recovery effort. There are plenty of data recovery plan templates online to help you get started.

Keeping a regular schedule of maintenance, having plans in place for if the worst should happen and safeguarding your company against the loss or theft of data is essential. It’s a way to ensure the long-term survival of your small business and ensure that you don’t suffer the effects of not handling data correctly.

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