c) Sampling

Sampling is commonly used when issuing Questionnaires: primary research. If you use primary research to collect statistics, it is important that you sample if the targeted audience is of a large size or covers a wide area: it would not be practical to question everybody!

If using a mail shot, you could target a sample of consumers by sending your information to a certain number of addresses in different areas. Although this approach is not very effective for a good response, a mailing list can be used to sample more effectively by knowing which consumers may have interest in your product/service.

Summary

Statistics can determine and predict the future of your business allowing you to plan for success. It is therefore important that statistics are used in your business and are interpreted accurately to help your business remain competitive and encourage growth and profitability.

Businesses are confronted with statistics every day that are often not acknowledged. This can lead to vital decisions not being made or poor interpretation of the facts. Consequently, your business can face issues that are hard to turn around once acquired and threaten you with failure.

The conclusion of this article refers back to the first paragraph of the article, that the future success of your business is dependant on using statistics effectively: I do concede that many SMALL business owners know their business inside out and have no need of statistics: but I doubt that they will become LARGE business owners.

Article Index
1. Successful Small Business Statistics
2. Using Statistics in Business
3. Analyzing Statistics in Company Reports
4. Using Statistics for Business Analysis
5. Using Statistics in Marketing
6. Usings Statistics for Sales Purposes
7. Questionnaire Sampling Statistics