Many companies today suffer from a lack of visibility into key performance metrics. We call this “keyhole visibility” because it’s the equivalent of trying to evaluate what’s happening in a room by looking through the keyhole. With a narrow view, you’re unable to fully understand what’s behind the door and what might be lurking around the corner. Likewise, with insufficient reporting on financial and operational details, you are forced to make critical decisions on the basis of only a small portion of the information.
A solid foundation for business reporting helps you open the door, flip on the lights and see with utmost clarity all the details that drive your business. With business management solutions that manage your finances and operations all in one system, you can gain company-wide visibility into your business so you know where you’ve been, where you are currently and where you will end up in terms of dollars spent, time and schedule commitments met. In addition, you can keep score on the performance and health of your business.
This guide explores the essential types of reports you need to run your business, as well as related best practices for hot-button issues such as securing financing, preventing profit erosion and reducing risk. It will help you identify key elements you should look for in a reporting system.
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