Running a business is a gargantuan task. You’re juggling many balls at the one time—employees, materials, time, clients, management, finances, planning, marketing and more. Some days it’s just enough to keep everything you have on your plate in play.
Setting up effective Corporate Performance Reporting strategies can help. Today, data increasingly fuel better business decisions. It can give you the vital information about your ROI, profitability, most successful product packages, and sales trends you need to plan for the future with greater certainty.
Reporting strategies you choose can be the difference between running your business efficiently and running it into the ground. Ultimately, your reporting strategy is an investment in your business success. It allows you to stay a step ahead—and that’s crucial to any thriving organisation. When you use real-world data to identify and address potential issues and challenges promptly, your business is more likely to remain profitable.
So, where do you start? Too many businesses print off reams of reports that no one ever looks at again. They’re promptly filed and forgotten. Without a strategy to guide you, reports are just a waste of time and resources.
That’s why smart businesses always develop a detailed reporting plan that maps out what kind of information is useful for their business growth, how they’ll use the data they collect, and what actions they’ll take. This means your first step is to identify the key drivers of your business’ success and what information you’ll need to demonstrate how they’re performing.
Perhaps you’re interested in which of your employees generate the most revenue for your investment? For most business owners, payroll is their largest expenditure—it’s logical to want to know whether you’re getting value for your investment.
Tracking revenue by employee will show you who your most valuable workers are and those who may need more help to excel (because timely support for your employees is almost more cost-effective than re-hiring). Over time you can get a sense of the overarching trends that affect your bottom line—for instance, are there specific times that employee productivity drops? This could indicate the need for added team member support or more effective tools.
Or you might want to find out which of your products or service packages are most profitable. A poorly performing package might need to be tweaked or optimised while one that’s regularly selling out may be priced too cheaply.
Regular sales trends reports will help identify busy periods more clearly, allowing you to meet customer demand more efficiently. If you find sales rise on a particular product range at certain times of the year, you can then plan to boost marketing in the lead up to that time period, adjust your inventory or explore related product lines at different price points to meet the increased demand.
Once your corporate performance reporting strategy is in place, you can begin collecting the data that will lead you to positive organisational change and growth. Drawing on measurable, actionable data means you’ll never fly your business blind again.
FREE offer for a 90-minute online Strategic Planning Consultation. ( COVID-19)
If in Adelaide, a 1 on 1 coffee meeting with our consultants can be organised.