Blog > Cashflow > The power behind quality decision making – 6 reasons you need quality business reporting and analytics
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Duncan Bye
12 April 2021

The power behind quality decision making – 6 reasons you need quality business reporting and analytics

Data is everywhere, whether you want to see how much energy your hybrid car is using or how long your kids are on their phones you can find out in seconds. So why would you not want the same kind of intel from your business?

With the correct setup you can have up to date reporting and analytics across all areas of your business helping you identify inefficiencies, understand profit hotspots, recognise opportunities and much more. All of it can be delivered in real-time for your business, so you know exactly where your cash is and how hard it is working for you.

So if you need convincing, here are 6 benefits which you could have up and running in no time:

  • You don’t know what you don’t know

It seems pretty obvious, but if you’re not collecting data effectively within your

business, then how can you make quality, informed decisions?

  • Be more competitive and profitable at the same time

Drilling down on the minutiae of data within your business can help you identify what you’re really great at, your ‘edge’. This can help you identify your uniqueness and enable you to focus on driving competitive advantage and profitability.

  • Improved team performance

There’s a number of ways that teams can benefit from quality data. Whether it’s managing sales to hit targets, identifying the right kind of work, realising new opportunities and of course delivering on time, every time! The chances are if you get the data right, your team’s performance will not only improve but they’ll be happier and their performance will improve further – it’s a triple win!

  • Your business will be easier to buy and worth more!

Selling your business might not be front of mind right now, but more often than not when it comes to selling, businesses are deemed less attractive when they are unable to back up their performance. The more historic and predictive detail you have in place, will not only have a positive impact on the valuation of your business but should also make the due-diligence process much easier.

  • It can improve your mental health!

Running a business can be stressful enough, not least trying to manage multiple departments and income streams. By having quality, up to the minute data from all areas of your business, you won’t have to sweat over tough decisions. You’ll know exactly where you are and be confident that you’re making the right decisions.

  • The cash will keep flowing

This is arguably the most important one, as without cash you don’t have a business. Getting your data and reporting straight so you can accurately forecast cashflow can literally be the difference between success and failure. But it can also be the difference between mediocre success and the kind of success that’ll help you retire 10 years earlier because you were able to improve your cash position and make it work harder for you. And let’s face it, with nothing likely to change with interest rates over the coming years, you need your cash working as hard as possible within your business.

Learn more about the beautifully accurate business reporting we provide our clients at Wilson Partners.

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