Building a business from the ground up requires substantial hard work, and seeing it succeed offers a tremendous sense of pride in what you’ve accomplished. Is it any surprise then that a whopping 316,310 UK businesses ceased trading in 2020 alone, according to the Office for National Statistics (ONS)?

Small business owners may be focused on lots of different tasks at their job, but one of the most important is projecting the financial health of the company. Sole proprietors and small business entrepreneurs need to understand how their company’s financial projections work so their venture will be more successful.

Businesses are all about making profits while staying ahead of competitors. Data analytics can help you do exactly that. It involves examining raw datasets aimed at drawing insights from the information contained. Using the right data analysis techniques allows you to uncover the raw data patterns and extract valuable insights from the datasets. Today we explain the key benefits of data analytics in business.

For business owners, the start of a new tax year can be a double-edged sword. On the one hand, you’ve made it through tax season and realized new opportunities; on the other hand, it brings new challenges to address unresolved issues from the previous year. The good news is, there are steps business owners can take to prepare their businesses for a great year.