How would you explain CLV to a small business owner who had no formal business schooling? What would be the most important things you would tell her if you had about 15 minutes with her? The Reading indicates that precise numbers are needed to calculate CLV precisely. However, this information is often only available to larger firms with large customer and large datasets. Is it necessary to calculate CLV precisely or can calculations with less precise information provide useful insight? Explain how a small business or entrepreneur might use CLV in making decision ?