P2, M2, D2 - Good Information Report

GAME REPORT: https://drive.google.com/file/d/0B3rvStNkXE4GblZ6SlctYWNINFE/edit?usp=sharing

Valid
If you want the information to
be of use, it needs to be valid
and up to date.

How it relates to a small business?
Any information needs to be valid in a small business. This is because every decision, how big or small, is important. It can decide on whether the business will be successful if the right decisions are taken.

Reliable
“Reliable information is good information!”
you must be able to fall back on your
 information when you need it!

How it relates to a small business?
Information in any business needs to be reliable. In order for a business to be successful, it needs to have good reliable information. For example, if the business has to do with music and such, it has to have reliable information about artists and what is going on in the world of music to avoid giving out the wrong information.

Timely
Good information must be up to date.
There are new theories, new technologies
new methods researched and improved upon
everyday. There’s no good having information
which is not relevant anymore today.

How it relates to a small business?
It is very important to have up to date information. This is because you need to be up to date on various trends and have the latest stock available for example if the business is in retail.

Understandable
The information delivered, needs
to be understood by the targeted
audience. For example, It’s best to
stick to simple basic words so that
everybody can understand what
the point is.

How it relates to a small business?
It is very important to target all audiences if possible so that the business has full potential for development and success, this is why it's crucial that the potential clients can understand the information being delivered. The business could also potentially come off as unprofessional in some cases if the information is hard to understand.

Fit For Purpose
Good Information will have no
benefit if it’s not fit for purpose.
Make sure that the information fits
what you wish to achieve.

How it relates to a small business?


Relevant
If Information that has been collected is not
relevant to what you need to know,
you may as well have no information at all!
The information should stick to the
particular subject/matter and should be
on point so that it saves people time from
reading irrelevant information.

How it relates to a small business?
Good information needs to be relevant. If a business is selling something and is advertising it, whether on a TV, magazine or a billboard, the information on it needs to be relevant, straight to the point. People should know what the product is as soon as they look at it, instead of wondering and looking for the information because it's unclear and irrelevant.

Cost Effective
Information should be cost effective!
If it costs lots of money, it is not efficient nor effective.

How it relates to a small business?
The information also should be cost effective. When you own a small business, any money you spend is important and should be put to good use. If you own a local business, it probably isn't a good idea to spend large amounts of money on advertising when there are other means to do so and for less.

Sufficiently Accurate
if information is not accurate, then the information is useless.
For example if a business has the wrong data/information
about their customers etc. then they won’t be able to get the
correct/accurate strategies and such put in place.

How it relates to a small business?
In a small business, any information should be sufficiently accurate.
For example if a business has the wrong data/information about their customers etc. then they won’t be able to get the correct/accurate strategies and such put in place.

Accessible
It is important to make sure that the information is accessible by everyone who needs to view it.
It should be well presented so that its easy to access and find what you’re looking for.

How it relates to a small business?
The information should be accessible by any person in the business related to that particular information. Such information could be the business strategies put in place for the employees who are tasked to expand the business, finance, information about stock etc. so that the business is operating successfully.