Greetings, I’m Berk 🙋‍♂️, working as a Technical Product Specialist at FowCRM, and in today’s weekly briefing, I will share information about how crucial reports are for businesses.

If you’re ready, let’s get started 😊

Globally, 47% of users report that they have increased customer loyalty through the use of their CRM application. The feature significantly contributing to this statistic is identified as “Reporting.” Reporting allows businesses to focus on customer behavior, enhance experiences, and increase customer loyalty.

Now, let’s delve a bit deeper into the importance of reporting.

The Importance of Reporting

The three prominent features of creating a report for a business are as follows:

Supports Transparency

Transparency is critical for financial transactions. Does the recorded cash flow align with what’s happening in the field? This is a question that will always be asked by investors and suppliers interested in working with you.

Highlights Organizational Strengths and Weaknesses

Reporting emphasizes all essential aspects of a business. As an entrepreneur, you need an informed and solid strategy to grow your company, understanding the strengths and weaknesses you face.

Assists in Setting Goals

It is always recommended to set reasonable and achievable goals based on the current resources and financial capacity of the business.

In addition, it provides specific advantages according to roles within the organization:

Sales Representatives can evaluate their efforts on the pipeline to see which customers require more attention.

Mid-level Managers can provide information to upper management by outputting the performance within the team.

Executives can assess the success of implemented strategies and goals.

Reporting provides data in many forms that guide informed decision-making; now let’s take a look at some different types of reports.

Predicting Business Goals with Your Reports

There are various report types that can be created to gain insights into your business activities.

Here are some commonly used reporting types for businesses:

1. Market Analysis Reports

Business owners can assess where the most opportunities for profitable sales exist by examining the sources and industries from which prospective customers originate. They can then direct their focus towards industries with high profit potential.

2. Financial Reports

Financial reports are regularly prepared by most companies and help track progress toward income and profit goals. These reports highlight differences in financial results compared to annual business plan forecasts and explain the reasons for any significant negative variances.

3. Performance Reports

Performance reporting enables the comparison of a business’s performance at different time intervals. Reports should always align with performance indicators to show whether goals are met or exceeded.

Above, we have discussed only three fundamental reporting methods. However, you can report on various activities, from your generated activities to received payments. If you want more detailed information on reporting, you can visit our  “Knowledge Bank.

Tip from the FowCRM Team

Although we discuss the topic under general headings, every business needs specific reporting. When looking for the most critical reports you can create for your business, ask yourself these questions:

  • What impact will this report have on our operations? What changes will it bring, and how significant are they?
  • How much time will it take to create and use the reports correctly? Is the benefit the report provides greater than the cost?
  • Are there better reports that can drive change and improvement for our business?

In conclusion, businesses should create and monitor reports that will improve and develop their operations. When reporting is done correctly, it can make business operations easier, but unnecessary reporting will only result in time wasted. Approaching reporting with these considerations in mind can help make your data more meaningful. Stay well 😊