If there’s a buzzword that could accurately describe the business world for the past five years, it would be “data”.
Business leaders are obsessed with data – and for good reasons. When used properly, data can help a company understand crucial sales knowledge, identify accurate customer ROI, identify and prepare for seasonal trends, and acknowledge superior employee performance. Data can even help business leaders grow successful companies, as all the information in a data report can produce productive employees, better sales numbers, and happier customers.
But maybe you haven’t jumped on the data train yet. Maybe you’re reluctant to use data, simply because you don’t think it’s right for your business. Sure, data reports work for Fortune 500 companies that have years and years of company data – but what about a local retail store or a restaurant? What if you run a local bed-and-breakfast near a seasonal tourist destination?
Ready for a shock? No matter what kind of business you run, you can benefit from data – and we’ll show you the data reporting tools that will help take your business to the next level.
It’s Not the Size That Counts
Data reports aren’t just for big businesses – even a small restaurant can benefit from the kind of data reporting tools we’re about to show you. The point here is that any business can use its data to uncover valuable answers to the following questions:
- Is there a seasonal trend that impacts your company’s revenue – and if so, when is it?
- What employees are landing the most sales – and which employees need additional help with their sales?
- Who are your most valuable customers? Who are the customers you’re spending too much money on?
- What is your most popular inventory? What product is costing you too much money to make?
- How much are you spending on customer retention vs. customer acquisition?
These are the questions that form the foundation for a successful business – yet if you don’t know how to answer them in a definitive way, it’s far too easy to end up making a misstep. With data, however, you can make those decisions with confidence, resulting in much more effective and efficient business processes.
With that in mind, let’s take a look at the data reporting tools you need to build a better business!
Any data report should be able to show you how much you’re spending per employee for any given week. This is a crucial piece of information, especially for business owners who might run restaurants, hotels, or retail stores. Your employees usually will be paid based on the hours they work, meaning you won’t know how much you’re spending on labor costs until the end of the week.
With the best data report tools, however, you can quickly predict how much your business is going to spend on labor costs, depending on your employee schedule. That way, you have an accurate snapshot of projected costs – not a final bill that ends up taking a huge chunk out of your revenue.
Your Average Customer Costs
Quick – do you know how much your customers are spending on your products? Can you reduce that number down to each specific customer? If not, you’re not treating your best customers with the special care and attention they deserve.
Think about it this way: if you’re sending the same marketing materials out to all of your customers, you’re treating them all as if they’re the same. Ideally, you want to identify your best customers and provide them with unique and rewarding opportunities. For example, your best customers should have access to special promotions, rewards, benefits, and anything else that celebrates their loyalty to your business.
Your best customers shouldn’t be treated in the same way as your worst. Be sure you don’t make this critical mistake!
Your Hourly Sales Report
Forget breaking sales down by months, weeks, or even hours – you want the kind of data reporting tool that will provide you with an hourly report. This is especially important for restaurants and hotels, as their very livelihoods depend on understanding how much they’re making each hour. With this kind of real-time data in your hands, you can make smarter business decisions that drive your company’s success.
Get the Best Data Reports Online
Ready to unlock your company’s data with the best data reporting tools? Discover the tool that’s taking the online world by storm – and changing the way you run your business.