As far as importance of reports goes, it’s going to depend on your perspective. If you are a business owner, the information you want access to is more holistic and less detailed – although detailed information will be important to find the source of problems later on. General management and business owners are responsible for fine-tuning the business, so they are likely to delve deeper into financial reports such as income statements but will also need sales and procurement statistics to review the general health of the operations.
With so many aspects of the organization to be on top of, it’s a good idea to prioritize and if you only have time to view and analyze these 4 aspects of your company, at least you’ll have an idea of where things are headed:
1.Profit and Loss Statement: This summary shows income earned and should be reviewed monthly with the figures showing each months’ details and year to date totals. This report shows whether you are making money or not based on the activity of the business during the period.
2.The Sales Forecast: The single most important document generated in most sales organizations, a sales forecast has multiple purposes like holding salespeople accountable for the deals they intend to close at the end of each month, determining which opportunities need executive attention and helping to estimate revenue.
3.Monthly Performance Report: Overall, you want to make sure your team is aligned and well. The performance report is intended to summarize whether things are getting done or not and might help management assess the success of a project and how well budgetary constraints were adhered to.
4.Procurement Open Requisitions: Keeping track of lost opportunities is key here. The open requisition report displays a list of requests that have not been sourced, were discarded or the customer simply cancelled the order because the product was found quicker somewhere else.
And there you have them, four basics of business management tailored for the floral industry that will keep you on the know every step of the way.