Add This When Reviewing Your Business Reports!
Do you look at your monthly reports? Great! But don’t stop there. Read more….
It’s Money Monday and this is the day I recommend taking a look at your bank accounts and all things money-related.
Bank and credit card statements are out so you’re probably finishing up your November books. Once reconciled, take a look at the monthly reports. But don’t stop there!
Yes, monthly reports are important. And it’s crucial that you do this in your business. When I look at monthly reports I like to focus on expenses and gross margin.
But what can really give you useful information are your quarterly and YTD reports. When I look at these reports I like to look at revenue. Depending on the business, I also like to look at average sale per transaction, average cart total, average job profitability.
Most of us in business fluctuate from month to month. This is natural and there’s nothing wrong with it! We just need to make sure we aren’t laser-focused on each month individually. They are the parts that make up the sum of your year.
A slow month in revenue may just be a blurb. But if you have a few slow months, that’s worth looking into!
We’re using our reports over a period of time to notice trends. Monthly we look for specifics and quarterly/annually we look for trends.
This can make a HUGE difference in how you read reports and the type of information you’re able to pull. Still don’t know how you’ll do this on your own? Message me and we’ll chat to see how I can help and make things more clear for you- because your success is inevitable!
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