How nuts are the holidays making you already? We’re right in the middle of the holiday sales rush so the pressure is probably getting to you at least a little bit. Well, we have a great way for you to relax: run some reports!
Wait, what? How does that help you relax, you may ask? One of the worst things about being so swamped with work is you start to lose any idea of how well you’re doing. Even if you have great systems in place just for this very thing it’s tough to really get an idea how profitable you are.
Take this uncertainty and throw it in the trash with that last little strip of wrapping paper you can’t do anything with! Running some simple reports can give you peace of mind so you can get back to enjoying the season.
1. Sales by State
There’s still time to amend your sales strategy. Even though you’re immersed in the sales season you can still sit back and look at the big picture for a second. For example, why not look to see where your sales are coming from in the country?
If you know this information it may completely change the way you do business during the holidays…and beyond. Perhaps you look at your report and notice that people who live near the ocean are your main customers. Now all of a sudden you have a completely new strategy. Add more great content to your product description about how your creations make great beach blankets, or buy a Google ad targeted to beach-y locations.
Of course one of the most basic reports you can run is your profits & loss report. This is the down and dirty version of how you’re doing with your business. It can also be one of the most shocking when you take a look at it.
Why? Because when you’re deep in the trenches selling like mad you may think you’re doing way better than you think. That’s because the money going OUT of your business could be more than you calculated.
For instance, maybe that new printer you needed was just a little bit too much…and the ink, and the paper, and the desk to put it on, etc. However, you forgot to add that to your budget. Over time, this can add up significantly. A P&L puts everything into perspective.
Speaking of money going out, part of making a ton of money during the holidays involves cutting out unnecessary spending. This is a report that can easily translate into continued success during the rest of the year as you want the least amount of money going out as you can.
One of the worst offenders is any expense that you keep around just because “that’s the way I do things.” Maybe over the years you’ve slowly switched from selling product to a more service-based business. You previously had signed up for a service like Stamps.com because you were sending mail out all the time. Now, though? It’s a miniscule issue and that subscription should be eliminated.
Make sure to sign up for a free account at Outright if you want easy access to copies of all these reports and many more!
This guest post is brought to you by Outright.com, the simplest way to manage your business finances online for a less taxing tax time!