Building a startup company takes more than just a great idea. Success requires employees who care about the company and want to see it flourish just as much as you do. Most businesses, regardless of their stage of operation, benefit from the expertise and education of a business analyst.
These professionals bring to the table an extensive background in finance, accounting, ethics, and corporate structure. They help businesses prioritize tasks and uncover low-cost solutions to existing problems. Following are some of the reasons why your business needs the expertise of a business analyst.
Deciphering Financial Statements and Formulas
If you're currently unfamiliar with basic business formulas, acquaint yourself with return on investment (ROI) and net income equations. These two formulas determine the basic value of your business. A business analyst makes these two numbers grow by applying sound business strategies. He or she researches financial statements, then produces ideas to increase revenue. Hiring an experienced business analyst with an MBA in business analytics allows you to focus on products, services, and other creative matters.
Part of running a successful business is eliminating unnecessary expenditures. Your business analyst determines which parts of the business are running at a loss and reworks the system to conserve resources. Sometimes the problem lies at the staff level; other times, the business needs to use more efficient software, find new clientele, or hire new vendors. Your business analyst handles the heavy lifting by isolating problems and deciding how best to fix them.
Executing the Mission
A business analyst isn't in the picture to make mission and vision statements. Instead, the analyst takes your vision and makes it work. You need someone to provide actionable solutions rather than make excuses. Whether this means helping you prepare numbers for a meeting with clients or figuring out a way to streamline logistics, the analyst has you covered.
Often, as a startup business owner, the training of new employees falls on your shoulders. However, running a business leaves you little time for babysitting new hires. Business analysts are responsible for getting everybody up to speed on the business, not only in their individual tasks, but also on how their position improves the financial well-being of the company. Without their tireless efforts, many companies are left to outsource this role, which is a major (and unnecessary) expenditure.
Analyzing the Competition
Competitive analysis takes considerable time. Hours of market research are dedicated to ensuring that your company stands out in your industry. Your business analyst handles this aspect with remarkable speed, accuracy, and clarity. Know that having a good business analyst keeps you unique and original, which are two virtues that provide your business with a competitive advantage.
Regardless of the type of business you run, a business analyst offers an excellent return on investment. He or she tackles tough decisions, helps your business excel, and unites various departments and employees so that everyone is on the same page.