Last Updated On June 22, 2018 / Written By Daphne Blake

Business Reporting Tools | Are You Guessing or Are You Forecasting?

Projections and forecasts are not wishes and dreams. Projections and forecasts should be made using concrete numbers pulled from business reporting tools that utilize essential data and sound information to make methodical business decisions.

Projections and Forecasts

Projections and forecasts are not wishes and dreams. Projections and forecasts should be made using concrete numbers pulled from business reporting tools that utilize essential data and sound information to make methodical business decisions.

Unless you’re a total type-A personality, you most likely started your business because you had a passion for it or saw a need in the marketplace. Unless you have an analytical background or an interest in numbers, you may or may not have understood the need for real systems or business reporting tools.

Perhaps you thought your business would be okay to run itself. Maybe you incorporated QuickBooks or an excel spreadsheet to keep track of purchases, sales or inventory. For a while, that may have worked well enough. However, you are now beginning to see some discrepancies in data, and your staff is taking far too long to accomplish what you consider simple tasks. Perhaps the time has come to put more efficient systems, like business reporting tools, in place to assist with this reporting.

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Scale Your Business

To scale your business, backend systems must run congruently with front-end processes. You may have a fantastic product, offer terrific customer experience, and have stellar sales staff - but if your business reporting tools (or lack thereof) don’t accommodate or keep up with the pace of your growing business, you won’t be able to sustain long-term growth. Your back-office personnel will be overburdened, and a lack of technology does not bode well to keep business to scale. You need more structure to your business reporting tools.

Allow Us To Paint You a Picture

You first began your restaurant with only 2 SKUs and a staff of 3 to handle all purchasing, invoicing, customer service, pick/pack/ship, and collections. Your focus was on creating private label products and sales. It was a small start-up with a vision that propelled you forward. You saw a consumer need for your products and developed them to serve a specific purpose. You’re a hustler, and you’re making things happen.

Guess what? They are happening! And quickly. Sales are on the rise; you need more products, a bigger warehouse, and a larger staff. Do those expenditures make fiscal sense? Can you justify those costs for your growing business? Will sales continue to trend upwards, or are they just a flash in the pan.

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Business Reporting Tools

This is exactly the reason you need more sophisticated business reporting tools. You need the ability to easily run reports and queries matching all data into one larger systematic picture. Does it make sense to scale up? Only real business reporting tools can provide the data you need to make a sound business decision.

With antiquated systems and the inability to visualize the entire company on paper, it’s extremely difficult to make such decisions. Business reporting tools provide time-saving and automated key performance indicator reports for you, without having to manipulate data or compare and contrast information from separate systems. Reporting tools pull data from every corner of your business and provide you with reports that help save time, money, and make better decisions.

You could continue to fly by the seat of your pants and hope for the best, but why? There’s no reason to avoid the opportunities business reporting tools can bring, but there is a reason to avoid the risks you take without them.

What Can Business Reporting Tools Do for Your Business?

Consolidation

Business reporting tools can consolidate large sets of business information and data into a straightforward, easy-to-read presentation. At a single glance, you can determine rising labor costs against rising sales, high inventory turns or overstock situations, inbound and outbound shipping timeframes, and much more.

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Customize

Business reporting tools can be customized and flexible to fit your business needs; allowing for growth of new SKUs, new territories, new customers, and more. As your business evolves, so will your business reporting tools. Adapt and amend existing reports to better fit your specific needs.

Available Anywhere

Most business reporting tools are cloud-based, with the ability to pull data and present it to your mobile device. This allows you to make smart business decisions no matter where you are. Business doesn’t stop because you’re not in the office; mobile applications will enable you to respond intelligently and draw appropriate conclusions from anywhere.

Simplicity

Business reporting tools are now simple to use with dashboard navigation. You won’t endure a lengthy enterprise consultation or experience downtime in processing sales. Most often, you can be up in the running within a day with your newly found reporting tools. Ease of setup, ease of use, and ease of understanding - you won’t be overwhelmed or underwhelmed with the implementation of new reporting tools.

Real-time Reporting

Want to know exactly what’s going on RIGHT NOW with your business? Business reporting tools can do just that! No more binders, paper file folders, or spreadsheets; a fully integrated business reporting system will allow you access to data you need to take real, actionable steps to build your business.

For your company to grow to scale, you have to make sound decisions - not just for right now, but also for the long-term growth of your organization. Business reporting tools will allow you to forecast appropriately, and follow your sales trends. Business reporting tools also allow you to pull information from outside sources, like industry publications, to help you determine the standing of the marketplace and your competitors.

Before spending big dollars to scale your business for high-growth mode, review data, and information provided by business reporting tools to make fiscally responsible decisions. Have confidence, and feel more at ease knowing you made a wise decision. Check out this article on top reasons why real-time inventory management can help a business get real-time results.

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