Information Overload: Effectively using the internet as a business resource

Posted by on October 12, 2009 · Leave a Comment 

By Barrett Haus

Have you ever noticed the more of something you have the less you may desire it? It’s certainly human nature to thirst for what we don’t have, but once we obtain it, or even get too much of it, the motivation begins to wane. I believe many of us are at this saturation point with regards to the availability of information. Information is everywhere and many people are suffering overload. Many parenting guides offer up no TV days for the kids…well, how about no internet days for the parents! And therein lies the problem…we know tools such as the internet are invaluable to helping run our businesses and manage our daily lives. So how do we maximize the advantages and minimize the problems that can arise as we try to filter through information? There is no easy answer but following this simple 4-step process may provide some guidance.

  1. What is the goal of obtaining the information? This is the most important step…some questions to consider: Do I need this to help run my business, market to customers, save money, or evaluate competition? In other words, FOCUS your information needs.
  2. Once you have obtained your needed information, the second step is to FILTER through the information sources and eliminate the less desirable ones. There is an abundance of false, aged, incomplete, and generally bad information available so you must validate (check source, age, references) the accuracy and quality of the information. This step will save you time and money in the long run.
  3. After you have filtered the information sources, the third step is to take this newly found information and IMPLEMENT CHANGE. Many people take in vast amounts of information via the internet, but don’t use it to improve their businesses or their lives. This really comes back to step one: Focus. If you are surfing the internet for entertainment then call it that. But, if you are surfing the internet for the latest new equipment to help run your business more effectively then you need to ensure the business needs are being met by doing value-added research. Implementing change isn’t easy, but it is a requirement for a well run and profitable business.
  4. Once the decision has been made to implement change as a result of using information the last step comes into play – MEASURING RESULTS. In today’s fast paced world of business measuring results through change is invaluable. If you bought the new equipment for your business how is it working out? Did information provided meet expectations? For example, when I implement an investment strategy for one of my clients I don’t say “Looks good…see you later…come back next year”. Instead I monitor the change, measure the results, and provide status to my clients.

Also as you go through this process keep in mind even if the information you are receiving is “free” your time is not free. In my line of business, I pay for information because I have quantified the value in what I receive. I recommend you measure results and if they are not up to par then it’s time to change your information source(s). So, the next time you hop onto the information superhighway take note of what you’re looking for and why. Happy surfing!

Barrett Haus provides small business CFO solutions and investment advising through his companies Haus Financial Solutions, LLC and Empire Financial Group, LLC. He can be reached at 407-222-5120 and offers a complimentary initial consultation.

Filed under General Business