What is Your Reporting Wish List?
For business owners or investors, information is a valuable resource.
Information is valuable when it provides data and details that help you make business and investment decisions. And it's even more valuable when it comes in a format that is easy to understand.
This is what reporting should be - the communication of information in an easy-to-understand format.
As I shared last week, many people shy away from reporting because the reports they typically get don't provide the information they want. So, this is where you should start - what do you want from your reporting?
What is Your Reporting Wish List?
What information would you like to know about your business or investments?
What type of information would help you make decisions that positively impact the value and profitability of your business or investments?
For example, would it be helpful to know:
Your most profitable product or service
How much each customer contributes to your bottom line
Your forecasted sales for the next month, or 3 months, or year, or 5 years
Sales by employee
How much each employee contributes to your bottom line
How many products or services you must sell to break even every month or every week
The vacancy rate for each of your properties
How your business or investments match up with other businesses or investments.
Are you doing better or worse?
The list can go on and on. The key to reporting is getting information about your business or investments that helps you make timely decisions to grow your business and your wealth.
This means getting reports that clearly summarize the information you want and not getting reports that are pages long with the information buried somewhere for you to try and find it.
Make Your Wish List a Reality
Make your list of what you want from your reporting. Then, work on putting that reporting in place. You may want to get the help of your wealth team members to get your reporting in place.
There is definitely some work to be done upfront, but the results are well worth it.
For example, years ago, I knew I wanted a certain report every day - a cash report. I wanted to know how much cash came in each and every day.
It took a little work to get the reporting set up initially, but I use the same report today and over time I've made changes to it so I get even more information from it.
For example, now the report tells me how much cash came in the day before, the week before, the month before and the year before.
With this information, I can now start analyzing trends in cash flow to determine if my business and investments are doing better or worse.
I can also monitor how much cash comes in on a daily basis, weekly basis and monthly basis and compare that to how much cash needs to come in to hit my profitability targets.
With this daily snapshot of information, I get indicators that direct me on what actions I should take in my business and investments. For example, if the activity is trending downward, I can investigate why that is happening and implement a solution (before it is too late). Or, if the activity spikes upward, I can investigate what caused the spike and focus on how to make that happen on a regular basis.
My favorite part about my cash report is it only takes me a few minutes every morning to review. This is why reporting is one of my favorite resources!
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The difference between those who are successful at building permanent wealth and those who aren't is how they use their resources.
Often, with a few changes, struggling wealth strategies can be turned around and become quite successful in a surprisingly short period of time simply by making better use of resources.
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