Monday, 13 October 2014

5 Ways Reports Help Your Business

Let’s be honest – no one jumps for joy when a report lands on their desk. But if you want honest, straightforward advice, then there’s no denying that data speaks. Next time you pick up a report, here are 5 reasons to stop skimming and start listening.

  1. Reports give you a different perspective. An effective reporting system will allow you to filter by different variables, so you can put every area of your business in the hot seat – from your products to your productivity. By looking at your company through a number of lenses, you can discover trends and changes that might surprise you.
  2. Reports are objective – and you are not. Our brains are selective, both in terms of what we notice and what we remember. Don’t rely on your own observations about the functionality of your business, or you might be fooling yourself. Reports offer unbiased, unavoidable numbers and facts.
  3. Reports save you money. No budget is complete without a report. If you’re wondering where to cut back and where to spend, reports help you understand where your money is going and whether it’s been effective or wasted.
  4. Reports help with Customer Relationship Management. Reports show you which suppliers or customers are especially beneficial for your business, and which have perhaps cost you money or resources. This allows you to foster closer relationships with those who are helping your business, and keep an eye on those who aren’t.
  5. Reports let you learn from yourself. Reports highlight areas of your business that are especially successful or need improvement. By understanding what’s working and what needs fixing, you can learn from your own successes and failures, and keep improving.

What do you find most helpful about reports? What could make them even more awesome? Let us know in the comments!

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