[eBook]: 9 reporting metrics your business needs to track

The ability to turn raw company data into actionable intelligence is at the core of today’s successful businesses.

NB: This is an excerpt from our latest eBook: 'Reporting metrics: Nine reporting metrics your business needs to track'. To download the full eBook, click here.

Companies that want to compete in the modern, fast-paced global economy can no longer leave decision making to gut feel or give data analysis to a select few “experts” stuck in basement corner cubicles far from day-to-day business operations.

Data is increasingly more important to everyone’s role. Its value is in helping people do their jobs better, improve efficiencies and customer service, counter competitors and increase profit margins.

To use data, you need to know what to measure so you can produce effective reports that help you, and other decision makers, see a more complete picture of how your business is performing. You will then know how and where to find answers to difficult questions and have the information you need to take your business in the right direction.

Some initial questions might include the following:

• What industry trends might affect our business?
• Is our product or service quality where it needs to be?
• How well are we performing financially?
• Where are our unique challenges and opportunities?
• What products are not selling?
• What are our customers buying and are they happy?

What you decide to measure should depend on the goals and objectives of your business. Many metrics, however, are universal. This eBook explores 9 reporting metrics every business should track to optimize performance and get the most out of company data.

1. Monthly revenue

Measuring monthly revenue provides a top-level view of sales performance. Comparing revenue month-over-month or current monthly sales to the same period last year in your reports can help you identify trends and respond to changes in the market. Tracking monthly revenue can also help you set annual targets and keep sales teams motivated.

Companies that only review quarterly reports, or review data less frequently, risk playing catch up and missing an opportunity to quickly respond to trends and industry shifts. Your customers’ businesses, as well as competitors and the market, are constantly changing, and it’s important for everyone, from sales to management, to pay close attention to monthly revenues. Businesses that consistently run and review monthly revenue reports are better prepared to address challenges before they become threats to the bottom line.

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4. Customer neglect

Customers have high expectations today for customer service and paying attention to their needs is one way to ensure that you can keep their business. According to one estimate, as much as 70 percent of customers are lost because of neglect. Your customers need to hear from you. If they feel like they are unimportant to you, then they are unlikely to stay loyal to your business.

When they are not visited or communicated with on a regular basis, you leave opportunity for competitors to take their business. A competitor that offers a little more value and or a higher level of customer service will be difficult to beat. In our hypercompetitive business world, if you’re not paying attention to customers, someone else is. Knowing when and how frequently customers are contacted can go a long way to understanding whether they are receiving the attention they deserve. Regular contact is critical to building strong, loyal customer relationships.

Companies don’t always have the resources to maintain contact with their entire customer base. By monitoring this metric, you can identify which customers to contact every month and react accordingly.

NB: This is an excerpt from our latest eBook: 'Reporting metrics: Nine reporting metrics your business needs to track'. To download the full eBook, click here.