Specialty Bookkeepers and Tax Salt Lake City Utah

Garbage In, Garbage Out (GIGO) vs. Useful Advice For Success

Imagine trying to build a piece of furniture from rotted wood or trying to run a race the morning after consuming nothing but Oreos and Mountain Dew…

When garbage is the foundation of your end product, then you end up with a horrible result. Inaccurate, incomplete, or biased information will adversely affect your business decisions, sending you down the wrong path. It’s extremely important to ensure you have accurate and relevant data when making decisions that affect the specific goals of your company, whether that’s market expansion, brand awareness, higher sales, employee retention, or revenue related.

If a business bases its decisions on inaccurate, incomplete, or unreliable data, the results are likely to be poor, and the business may suffer. For example, if a company decides to launch a new product line based on flawed market research, it may find that there is no demand for the product and end up losing money.

On the other hand, if a company has access to accurate and reliable information, it can make more informed decisions that can drive business growth. For example, if a company tracks sales data and identifies which products are selling well and in which regions, it can use this information to optimize its product mix and marketing strategies to drive growth.

The quality of the data and information used in decision-making is critical for the success and growth of a business. Companies should prioritize investing in data quality, analysis, and decision-making processes to ensure they are making informed decisions based on accurate and reliable data.

Guess who can help with all of this? That’s right, we can! Reach out to SBK for expert business information, including compensation analysis, fractional CFO services, and forecasting.

Leave a Comment