When you first start a new business, it’s easy to keep track of where every dollar is going. But as the business starts to grow, it becomes more challenging to maintain insight this granular. The maturity of a business means the numbers you care about the most can change.
While getting a grip on all the data a business generates can be challenging, it’s essential for making informed decisions about almost all aspects of the business. That’s why we want to highlight five different reports that can help you understand how your business is currently doing, as well as what direction it’s headed in the future.
Since sales are the lifeblood of any business, sales reports are a great starting point for understanding how things are going. While it’s a good idea to look at the overall numbers, what you really want to do with this kind of report is dig into the specifics. From knowing which items sell best, to knowing how sales compare on different days, having access to this level of information in your sales report will help a lot with many of the decisions you have to make.
Although there’s some clear overlap between the information provided in sales and payments reports, there are some significant differences. With a payments report, you can focus on things like how many transactions included a discount, along with the frequency of returns.
Managing inventory can be very challenging to do. Not only do you need to track your current inventory, but the future success of your business depends on knowing how much to order, along with when to order it. Having specific inventory reports for things like reordering and value will play a vital role in making these decisions.
Understanding customers is the best way to better serve them. Knowing the purchasing behavior of different groups of customers makes it possible to tailor marketing and related efforts. This kind of report can also serve as a great starting point for creating a very appealing loyalty program.
Being able to hire and manage well are essential for the growth of a business. With employee reports that look at metrics like sales, commissions or profitability per employee, you can best decide where to focus your people resources.
Making Reports Work for Your Business
Although it’s easy to understand the usefulness of these different reports, running them on a weekly or bi-weekly basis may seem like a major undertaking. Don’t worry – with our FullPay Gateway you get a great point of sale system that can gather all the necessary data and make it a breeze to run these reports on a regular basis. Contact us today for a FREE Analysis and Recommendations Report.