There are lots of elements of running a business that just can be calculated by computers or sorted out by algorithms. That personal touch that you can leave when launching your brick-and-mortar business means a whole lot to your community.
However, what reports and computers can do for you is notice trends and patterns in your customer base that you may have never thought to notice. These reports can help you grow your business and enable you to outsource the busy work to bots. And, give you more time to focus on doing what you love most!
These are three reports you need to be running to grow your business!
Inventory Reporting
First up is likely the most obvious—but there’s far more to this report than meets the eye!
Running reports for your inventory lets you know what’s in stock, sure. But it can also let you know what’s most often purchased on a certain day, what’s most popular during a given season, and much more!
As a business owner, you know that running out of stock means leaving potential money on the table. That’s why at Franpos, we give you automatic purchase orders when you’re running low on stock!
Plus, if you sell online, you’ll need to maintain that inventory as well to prevent sell-outs. We’ve talked about this issue extensively here.
Sales By Hour
Not sure if your hours are set correctly? A simple report is all you need to run in order to find out!
With innovative back-office reporting, you can check out when your sales spike and when they bottom out. If you see a spike in sales in the final business hour of the day, extending your hours may result in increased revenue overall! And the converse is true if you see labor costs outweighing sales during the first hour of the day.
These are the sorts of things algorithms are perfect for figuring out!!
Labor Cost Reporting
On the note of labor cost and sales per hour, the final critical report you need to be running is that of labor cost.
This cuts both ways. If you find yourself constantly slammed, you can check out your labor costs during busy periods and see that an additional hired hand on staff at the time would more than compensate for lost revenues or bad reviews.
And of course, if you’re seeing good sales but labor costs negating them, you can see what you can do to reduce labor costs without sacrificing quality.
Making decisions about employees can be the most difficult decision of all for many business owners. That’s why reports are so important! They give you data-backed information that you can use to grow your business.
So while you focus on doing what you do best, let smart data help you make judgment calls that always turn out positive!
And, if you’re interested in a total commerce solution designed to help you grow every step of the way, schedule your free demo with Franpos today and see why so many depend on our solution to grow their businesses!
