Are you getting the reports you need to run your business?
We’re living in a world of big data, where you have a wealth of information about your business and customers at your fingertips. But while you may be getting plenty of information, you may not be getting the insights you need to make a difference to your bottom line.
This can be due to many different things. Maybe you have a legacy system which doesn’t play well with business intelligence applications. Or maybe you don’t know what you should be tracking in order to grow your business.
Using the right reports will allow you to set achievable KPIs for your whole team.
Here are just a few of the most important reports for your business:
For small businesses, cash flow is arguably your most important consideration. This information shows exactly where you’re putting your cash, and if you’re at risk of running out of it.
By analysing this information monthly, you can predict and avoid this problem by tracking:
- Your in and out money flow for financing, investments, and operation activities
- Your net operating cash flow and if it is less than your profits after you’ve paid tax (whether you’re spending more than you’re earning
- Trends that show which months you have high and low cash, so you can plan accordingly and ensure you always have enough cash ready to go
71% of customers who have a good social media experience with a brand say they’re likely to recommend that brand to others. Social media is an effective tool for customer service and also allows you to develop brand recognition and engage with your customers.
Social media is crucial for moving prospects along your sales funnel. But if you’re not using it correctly, or using the wrong type of social media for your target customers, you’re wasting money.
Once you’re analysed your social media, you may be surprised by what you find. For example, you may have been devoting the majority of your resources to Facebook ads, while most of your potential customers are finding your business through LinkedIn. Or maybe you should be spending more time connecting with prospects on Twitter and devote less time to Instagram.
These types of insights are extremely valuable. And they can have a huge impact on brand exposure and conversions as you explore untapped resources and connect with new prospects.
These reports include your income statement, which is also known as a profit and loss statement. This report summarises the expenses, costs, and revenue that your business has incurred over a month, quarter, or year.
Most business owners want up-to-date snapshots of where their businesses are financially.
A good reporting system will not only present this information, but it will be easily understood and accessible in a graph or within a dashboard. This will show you your net income over time, your costs, and your revenue. By making it easy for you to compare across time periods, you can see how your business is growing over time.
Which reports do you need?
Every business is different and will need different insights and reports to promote growth. Many business owners avoid reports as much as they can, as reports can have a reputation for:
- Being overly long
- Providing too much or not enough data
- Presenting raw data without any context
- Not allowing business owners to see what they need to do at a glance
- Failing to provide historic trends or using the wrong time periods
Bad reports can actually make it harder for you to make good decisions by obscuring the data you need. But a great reporting system will be designed directly around the information you need to gain insight into specific areas of your business.
As a business owner, you need to be intimately aware of all of the most important information about your business. However, you’re probably already strapped for time as it is, which is why an excellent business reporting system will quickly pay for itself. You’ll be able to see key insights at a glance, and always keep your finger on the pulse of your business.
If you’re not getting the reports you need to run your business, get in touch today. At Intergy, we can eliminate the noise and design a reporting system tailored specifically for the needs of your business.
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