Every business owner needs to know where their business stands at any given moment. That’s why you should take a critical look at your business every day. Some of the key information you can include on these short reports are the number of customers, sales volumes (amounts and dollar amounts), subscribing and/or unsubscribing to services, and bank account balances. These basics should all fit into one page, and it should be easy to read. If you see anything that makes you wonder, you can get more detail from other reports. This type of daily reporting makes your managers focus on the most important issues in the business and it can show developing problems much quicker than a weekly or monthly report.
Ask Questions and Get Answers
If your report is more than a page, you’re including too much information, so try to cut it down. Make sure you understand all the information on the report, and if you don’t, you shouldn’t be afraid to ask questions to clarify information. It never hurts to ask for clarification. Make sure your employees aren’t afraid to give you bad news, too. If you overlook negative statistics, or get angry when numbers are down, people aren’t going to want to deal with you, or give you bad news, and that can be extremely bad for your business.
Know Your Numbers
No matter what kind of business you’re in, big or small, you should always know these numbers daily. You should know just how much you have in your bank account every day, and you should know how sales directly led to those numbers. You need to aggressively attack if your bank account suddenly dips, and you need to know that information as soon as possible. Many business owners who have started using the daily report system report their income has increased as their daily knowledge increased, and that’s encouraging news for any business owner. Even if you have a very small business, it’s good to take account of your company every day. You can look over the goods and services you provided, how much you earned that day, and plan ahead for the next day of business. Looking at your business daily just makes sound business sense, and it can keep big problems from developing into even bigger headaches.