November 2, 2016
In case you hadn’t heard, the mystery behind the Bermuda Triangle may have been solved. Hexagonal cloud openings may cause “air bombs” that can take down a ship or an airplane.
Much like sailors and pilots traversing the Bermuda Triangle, businesses today must be prepared for massive, unexpected fluctuations in their markets. From foreign exchange rates to raw material cost changes, there is simply no escaping volatility—no matter what industry you are in.
Luckily, there are tools you can put in place to monitor where you have been, where you are now, and where you are going. It’s all about how you use your data within the context of your business.
Have you noticed a decline in margins? You need a tool that can provide insight into a cause from the deal level. Maybe one customer is buying significantly fewer products than they were at this time last year? Look at your historical data and predictive analytics to assess the potential damage and how the relationship can be fixed.
At any given moment, your business is changing, so it is just as vital to understand your place in the market as it is to closely watch internal operations. Are your competitors changing their prices? Are they gaining—or losing—market share? Having a solely internal focus leaves you flying blind without the proper guardrails in place to brace for the impact of fluctuations.
With so much to monitor, it’s almost a guarantee that something will slip through the cracks and you’ll miss a storm on the horizon. No matter how your business is performing right now, you will have new obstacles in the next year, quarter, month, etc.
Learn more about the 5 essential tools you need to sustain profits during market volatility by downloading this e-book. These simple tools can keep you afloat and help you avoid some “air bombs” along your voyage to better business performance.