Is your business performing as it should?

Is your business performing as it should?

Ideally, your business will be performing at its full potential, achieving the maximum amount of sales, customers and profits. In an ideal world, your business will be the most time efficient, cost effective, high quality, customer focused company in your industry. But how would you know if you were?

We all know the key factors that determine a business' success, but are we sure on how well our own company is performing and whether there are missed opportunities?

Your business’s stats & figures

Getting to understand your own business’s stats and figures will ensure you’re fully in the know of your sales figures, product ranges and customer base. The numbers aren’t hard to find either, from website orders to manually processed quotes, sales analysis allows you to discover what works well, what needs to be improved and where your potential opportunities lie.

It can often be a difficult place to start when trying to determine what areas of the business work well and what areas can be improved on. To begin, we recommend setting targets and specific goals to discover what is most important for your business, this gives you a target to work towards and compare to.

Goals are often created based on industry standards, a competitor of the business or your previous performance results. Your rivals within your sector can often set the benchmark of where you would like or could potentially be and similarly your previous sales targets or customer growth can determine what your plans are for the future year.

Understanding your KPIs

The next stage is to set yourself specific KPIs (key performance indicators) to help you measure the business performance in relation to your set goals and aims. Much like your goals, your KPIs will be unique to your business but selecting and monitoring them effectively can significantly help you improve the business performance.

KPIs will often address the following aims:

• Increasing Revenue
• Time Management
• Cost Management
• Increasing Efficiency
• Increasing Productivity
• Customer Satisfaction

It’s important to look at targets and goals as a positive for the business, it’s a way to drive the company to be at its best. This means looking at what isn’t working and as well as what’s working well to inspire future changes. The purpose isn’t to criticise processes or practices but simply reevaluate and refresh.

Why you need a sales analysis tool

This is why an excellent sales analysis tool is critical to driving your business forward, because without the data, you’re always guessing and assuming. A successful analysis tool will provide you with the power to drive sales effectively.

Our ERP software can show you how the following are performing:

• Sales staff
• Products
• Customers
• Target markets

Once you have your data there are endless possibilities of how you can use it to your benefits. Ask yourself:

• Have you noticed a product that’s underperforming?
• Have you seen a change in a customer’s buying pattern?
• Would a product promotion benefit sales?
• Do you need to consider staff motivations and incentives to improve sales?
• Can you run a targeted marketing campaign?

With all the information at your fingertips, you’ll have a full understanding of your company performance. You can utilise your strengths and weaknesses to create opportunities and ultimately achieve your targets and goals. Perhaps you will become the ultimate bench mark for your competitors!

Want to find out more about our ERP Software and powerful reporting tools? Give us a call or drop us an email, our software team will be more than happy to talk you through any queries.

Phone: 01299 873873 Email: [email protected]