Small businesses are often operating at a deficit for several years before reliable profitability is attained. Reducing debt and expanding profit is easier when operations are more visible. For that, you want the most advanced reporting solutions that are simultaneously available, and relevant to your business. Three chief reports sometimes overlooked and integral to any small business will be explored here.
Reports Related To Employee Time Tracking
Employees have a habit of clock-milking. Even beyond intentional clock abuse, sometimes time-tables are a bit off incidentally. If you’ve got a five minute grace period for clock-in either before or after the hour, there are employees who will regularly add ten minutes of non-productive time to their day.
That’s fifty minutes a week, or forty-three hours and twenty minutes a year. If you’ve got a team of ten who average two minutes over their scheduled hours a day, you’re losing even more. But there are ways around this. One, you want solid employee tracking to maximize productive time and minimize either clock-milking or imprecise clock-in. Solutions like Clockspot* can make payroll a snap, making it even possible to reduce infrastructural costs otherwise necessary here.
Two, you might consider BYOD, or Bring Your Own Device. This paradigm allows employees to work from their choice of location and often at their choice of time, using a cloud-based desktop representing your network. No clock-milking happens, they clock in when they want to work, they’re more satisfied, and historically, this is more cost-effective in terms of equipment, workspace, and output. BYOD initiates employee productivity. Use reports to identify areas where a pivot of infrastructural paradigm can eliminate costs. BYOD could very well be appropriate.
Revenue And Sales Reports
This one is a bit more straightforward. You need to see how much revenue your business is bringing in on a monthly basis. You need to know whether sales are increasing or decreasing. This data must be available year-round in order to give you an idea what to expect in terms of selling and traffic.
You don’t want a handful of sellers around when the Holiday rush hits. Likewise, you don’t want the whole team on the floor in the first week of January, when everyone is spent-out from the previous year. Well, most businesses are in that position, anyway. Yours might not be; with revenue and sales reports you can know for sure.
Analytical Reports Of Social Media Impact
YouTube, Facebook, Twitter, LinkedIn, Minds.com, MeWe, Instagram, Reddit—the list goes on. Social media is expansive and integrated. Everyone has a spot somewhere. Your business needs a position on social media as well. Many operations do the primacy of their selling through social media.
Either through advertisement or a following, there are many possibilities here. Also, social media can increase SEO effectiveness—working with top-tier SEO-providers can be key here; they can help you determine which tactics are ROI-rich.
It all depends on your brand and its image. With social media, you can be oblique in sales, delivering regular content and building an audience, then sliding in either product-placement of CTAs (Calls To Action) when appropriate. Whether or not you’re doing any good here is impossible to determine if you don’t have proper reports painting a picture.
You need to know when your posts are most effective, and to which portions of your demographic. Additionally, you need to know whether your social media is having a local impact, and whether it’s trending upward, downward, or “treading water”. Social media is here to stay, even if its iterations transition. If you don’t have reports here, you need them.
A Picture Made Of Data
Aspects of your business hidden from traditional vision become visible when you have proper data collection measures in place. Designing reports around social media impact, employee tracking, revenue, and sales can be integral in helping you cut operational costs and facilitate forward improvement.
Especially for small businesses, all resources must be accounted for and put to proper use. Something as simple as reporting can give you exceptional insight. The picture data paints is obscure, and totally hidden if you don’t know how to find it. Reporting reveals the hidden truth.
Lindsey is an Ontraport Certified Consultant and founder of Smartify My Biz. She’s a digital strategist devoted to transforming and streamlining businesses using marketing and sales automation. Her goal? More profit for your pocket plus a business that runs like a well-oiled machine.