Too much information and not enough wisdom

I set about polling some executives on the effectiveness of the information they are receiving. Corporate and entrepreneurs, from business small to large alike, gave the same resounding response…they have
In these “times of uncertainty”; GFC, European “bailouts” Asian competitor growth, it is knowledge, not information, that will differentiate between business sink or swim.
Business needs knowledge, not information – knowledge is our best weapon against uncertainty; uncertainty = risk.
Ask yourself:

  • Do you love talking to your CFO because of the valuable business understanding you gain?
  • Do you eagerly anticipate an analyst’s reports because from there it is clear what to do next?

I can almost guarantee that the answer will be “No” and if that is the case, what unknown risks are lurking?
Today we can get masses of information – it comes from programs, analytics, data mining…

But is the information useful?  Take this example of how accounting reports work – a Profit and Loss statement will give you the following:
”This month I have 8 beans, half of them red the rest blue. Last months there were 9 beans all of them red.”
This in info, BUT how is that addressing the question that needs to be answered
–  IS THAT GOOD OR BAD?

Without a shift to demanding knowledge, instead of information, business will continue floundering in uncertainty.

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About the Author

Eve Diamond Diamond Advisory Small Business Advice
Eve Diamond the small business answer to The Supernanny.
At Diamond Advisory you work one-on-one with Eve who has already assisted hundreds of business owners increase cash-flow, grow profits, also ensuring those businesses fetch the highest price when it comes time to sell.[/box]