If you’re an entrepreneur, you may find yourself constantly trying to monitor all aspects of your business. The information you have about the transactions and activity in your business, the better you’ll be able to monitor and track your process. This is where access to good reporting becomes important. Though it may not be the most fun aspect of a business, it’s essential.
Luckily, we live in a time when finding ways to gauge reports is easier than ever. Apps and desktop systems allow small business owners can have access to just as much detailed data as big business. But what do you do with all that information? Here are a few ways to use information about your business to your advantage.
While the internet can help excel your business, it can also be a major distraction for your employees. When you’re a small business every minute your employees spend scrolling through Instagram translates into lost productivity.
Employee monitoring software provides detailed reporting and transparency as to what your team is doing while on the clock. Some programs allow you to track online activity as well as the individual productivity of each team member. You can use this information to determine the root cause of unproductive time periods. You’ll also be empowered to put processes and policies in place to address poor or insufficient team performance.
Keeping track of where your money goes is just as important as monitoring sales and revenue generated. Always look for ways to cut expenses, while maintaining the quality of your business. Expenses can erode your profits and leave you wondering about your cash flow.
Keep in mind though that not all increased expenses are a bad thing. For example, a growing business will have consistent increases in expenses. You just want to be aware at all times if you’re spending money in ways that aren’t making you money in return.
Safety issues or on the job incidents should be investigated thoroughly. Often thought of as a problem for big business, this is something you don’t want to ‘hope’ doesn’t happen to you. Put a reporting process in place so that incidents are documented properly and that all resolution steps are completed. For example, if an employee is cut on the job, your policy may state that they report to urgent care and provide you with the visit diagnosis/findings.
Having a strong process will also help you to root out the source of the incident. This also helps to improve your workplace by removing the causes of the problem, creating a safer work environment, and avoiding injury lawsuits.
Your website is open 24 hours a day. Although companies like Shopify have launch ‘live’ reporting, it can still be difficult to monitor all of the traffic your website gets in real-time. But there are specific data that can help you better understand your customers. Knowing where your web traffic is coming from, what they do while on your site, and how long they stay on your website is all helpful data for your business. The better you understand what moves your potential customers/clients to action, the better you’re able to plan and strategize for increased lead conversion and sales.