{"id":1293,"date":"2022-09-28T20:40:00","date_gmt":"2023-09-04T20:40:58","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=1293"},"modified":"2024-02-28T13:12:33","modified_gmt":"2024-02-28T13:12:33","slug":"benefits-of-business-reporting","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/eu\/blog\/benefits-of-business-reporting\/","title":{"rendered":"Informed Decision Making Starts with Business Reporting"},"content":{"rendered":"\n

Business reporting is a vital building block for small business success. After all, it\u2019s difficult to create an effective sales plan<\/a> or build a blueprint for the future if you don\u2019t know where you\u2019ve been \u2013 and what\u2019s helped and hurt your business along the way.<\/p>\n\n\n\n

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Whether you\u2019re looking to identify inefficient processes, drive productivity or increase sales<\/a>, data-driven business reporting can help. But, not all data is essential, and not all business reports are created equal.<\/p>\n\n\n\n

Here\u2019s how to create business reports that can take your organisation where it wants to go.<\/p>\n\n\n\n

Move beyond annual accounts and get granular<\/b><\/h2>\n\n\n\n

If you\u2019re looking for a broad overview of your organisation\u2019s past year, then annual accounts are a great place to start. However, when it comes to making business-critical decisions quickly, you\u2019ll need to generate more detailed information, and on a more regular basis.<\/p>\n\n\n\n

The most successful business reporting offers bespoke information that\u2019s tailored to your needs. This enables you to get a more granular view of your organisation\u2019s KPIs (key performance indicators), and how various functions and roles are performing. For instance, if you want to gain insights into how a particular marketing campaign performed with a certain audience segment on a certain channel<\/a> \u2013 that\u2019s not something that annual accounts will show you. <\/p>\n\n\n\n

Instead, you can generate weekly marketing reports, and quickly tweak campaigns based on the information presented. You can leverage real-time data to immediately respond to small business trends<\/a> and avoid burning valuable resources on outdated strategies.<\/p>\n\n\n\n

Deliver the right insight to the right person \u2013 just when they need it most<\/b><\/h2>\n\n\n\n

Data is everywhere. Today\u2019s businesses are inundated by this by-product of work. And while data can be an SME\u2019s most valuable resource, it needs to be made \u2018smart\u2019 to be effective. In other words, it needs to be turned into information, and that information needs to be visualised<\/a> or presented in an impactful way.<\/p>\n\n\n\n

The most successful business reports are centred around an organisation\u2019s unique needs or pain points. For instance, if you\u2019re having problems with your sales pipeline, you can use business reporting to deliver revenue intelligence<\/a>. You can then use that intelligence to reduce risk and improve the accuracy of your sales forecasts.<\/p>\n\n\n\n

Timeliness is especially important for data-driven decision-making. You\u2019ll need to ensure that the right report is being generated at the right time so that you can make informed decisions when they matter most.<\/p>\n\n\n\n

Financial reporting is often mandatory<\/b><\/h2>\n\n\n\n

Business reporting can help organisations optimise every step of the value chain, but not all business reports are created for analytical purposes.<\/p>\n\n\n\n

Businesses are legally required to submit various financial reports to regulatory bodies, depending on their country of operation. This type of regular financial reporting is also often required by stakeholders and board members.<\/p>\n\n\n\n

Types of business reports<\/b><\/h2>\n\n\n\n

When creating business reports, you\u2019ll need to consider who and what those reports are for. Some of the most common types of reports are \u2013<\/p>\n\n\n\n