A Simple Guide to Business | Reviewz & Newz

A Simple Guide to Business

If you are going to start a business in this millennium, you are going to need more than just a computer.   One of my dreams is to open a franchised business like Chick Fil A.  CFA is one of the fastest growing fast food franchises in the US.  I live in a small rural area and I am quite sure CFA would not let me open a location here.  Why?  Not enough customers.  Although, I live at one of the only exits on Interstate 16 between Macon and Savannah (Georgia)that actually has gas stations and places to eat, it still is not enough traffic to support a a franchise like CFA. 

Although, we have Taco Bell, Burger King, McDonalds and a host of many other fast food places, CFA would never allow a franchise here.  How does CFA know there is not enough traffic here?  I'm betting Dan Cathy, the owner of CFA does not know this.  CFA has data available to them that lets them know this. 

Having a data management system is crucial to your business.  It keeps you in the loop about so many aspects of your business.  That is how Burger King knows that this particular location needs X number of employees to run this particular location, what sales should be and a host of many other factors.  Having master data management is crucial.  It lets a company like Burger King realize that this location may not make as much of a profit as one in New York City.  Well, that seems obvious, but if you do not have a master data management system like gartner mdm, you could be supporting a failing business.

Another fast growing business that we all shop at, Dollar General, is growing by leaps and bounds.  They ARE building in very rural areas.  They have the master data management that let's them know what locales would be most profitable.They also have the MDM that lets them know that while putting items such as clothing in the rural stores is not feasible, so they have not included that in some markets.

Some Dollar General locations are like grocery stores and have fresh meat, produce, frozen foods and much more.  Having the data management systems in place, lets Dollar General know where these types of stores wold be most profitable.

When you are going to start a business, you must do the research to see if your product(s) or services is needed at a particular location.  You would not open a luxury store in a place who's population did not have the money to spend at said store.  Since, Dollar General is a traditional "dollar store". it is a place that most Americans will shop at at least once a month.  I know many people who would rather run into Dollar General to grab a gallon of milk for two reasons.  One is convenience of location.  Secondly is price.  Dollar General and many other businesses know what price to see that milk at because they have sophisticated master data management systems in place to tell them that the consumer is going to buy it, so they are going to stock it.

So, they next time you eat at a Chick Fil A or shop at a Dollar General, there has been a LOT of data compiled to make sure they have the customers to make the business profitable.


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