From checking invoices in the coffee queue, to accepting payments on your mobile, technology has made running a small business easier in so many ways. CommBank research says small businesses that are early adopters of new technologies are more confident and more likely to expect revenue growth. And now technology can make business planning easier too, by helping you put the power of data to work.
Daily IQ is a free business insights tool available to CommBank customers who bank with NetBank or CommBiz and have a Business Transaction Account. Designed to put business information at your fingertips, so you can see how you compare to your industry, compare your new vs repeat customers, and identify cash flow trends.
Daily IQ analyses your transactions as well as industry data to provide personalised insights on your small business.
5 ways Daily IQ can help your business
1. Stand out from the crowd
Ever wondered how your business is performing compared to your industry? Daily IQ helps you compare your key financial metrics such as costs and net operating margin to your industry. You can even model how changes to these metrics could impact your bottom line.
2. Optimise your cash flow
Staying on top of cash flow is one of the biggest challenges business owners face. That’s why Daily IQ helps you track cash flow trends, putting you firmly in the driver’s seat. You can also use Daily IQ to see how you could optimise your cash flow by changing how you make or receive payments, and compare your current performance to past periods, making it easier to spot a looming cash flow crunch.
3. Discover who’s buying from you*
Daily IQ gives you insights into your customers and their spending habits, including age, gender and suburb, even the times of day they like to spend. You can also find out which of your customers are coming back and how often, so you can measure the effect of your loyalty programs and promotions — whether you’re giving a free blow dry to loyal customers, or offering every tenth coffee free.
4. Find and attract new customers*
Once you know who your most valuable customers are and where they live, you can target your marketing to make sure you’re getting the biggest impact. For example, if your data shows your customers are mostly from nearby, you can use local area marketing to reach them. But if they’re from further afield, you might choose online advertising or even a mail campaign.
5. Ramp up for rush hour*
With Daily IQ, you can see at a glance which times of day, days in the week and weeks in the year are your busiest, based on the number of sales you make – so you can manage your business expenses and keep costs under control. For example, you might roster on more staff during busy times and fewer during quiet periods, or use targeted promotions like happy hours and daily specials to boost sales when things are slow.
How to get started with Daily IQ
Daily IQ is free online when you bank with NetBank or CommBiz and have a Business Transaction Account.
Visit commbank.com.au/dailyiq to learn more.