A good training for everyone working with data
Dear Data-Traveller, please note that this is a Linkedin-Remix.
I posted this content already on Linkedin in August 2022, but I want to make sure it doesn’t get lost in the social network abyss.
For your accessibility-experience and also for our own content backup, we repost the original text here.
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A good training for everyone working with data: Create a business plan about your business (or the one you are working for).
It’s not about predicting the future (which we will do pretty wrong unless we are trained for it).
It’s about understanding the mechanics of your business.
All ends up with profits. But what drives revenue and what drives costs.
This starts pretty easy – but the more you go deeper and add new dependencies (like the effects of content marketing: how many videos do you create, avg. views per video, view growth rate, video click rate, video traffic conversion rate)….
So you can end up with a model that has >100 rows and plenty of little relative numbers to play with. Sure, there is software for this. But just start in a spreadsheet.
The result could be already a blueprint for two things:
– a core business reporting
– the forecast you want to hit with your real numbers (which let’s you learn again why your assumptions were wrong)
That’s why I like business plans – it’s a bit like playing pen & paper Civ6.