Starting and running a business involves a 50/50 blend of instinct and fact-based decision-making. And whilst you can rely on your own intuition and the wisdom of others some of the time, it’s cold, hard data that leads to strategic, informed choices.
As intelligent inventory management systems replace traditional cash registers, owners and managers can track, analyse and explain how well and why their business is working rather than merely recording transactions. Things make much more sense when everything is centralised. But with so much data available, where do you begin?
Here are 5 Sales Reports you can use in Turbo Inventory, helping you improve daily cash flow and plan tactically for long-term growth.
1. Sales by Product
Products sit within categories. For example, where coffee is a category, a flat white would be a Product. Itemised sales reports offer similar insights to category sales reports, with extra detail. Gauging the popularity of specific items and when they sell throughout the day.
How to use the data:
- Manage inventory with more efficiency
- Add or remove items from your offering
- Focus your marketing accordingly
- Understand how customers like to modify items
2. Sales by Category
Categories are groups of products, for example: sandwiches, soups, cushions or home-visit services. They are less specific than items. This data can be viewed in real-time to make responsive changes, or over a period to influence how you curate your ranges.
How to use the data:
- Specialise your category offering
- Focus your marketing accordingly
- Develop a new or more specific brand identity
- Restock or get more staff on preparation duty before whole categories run out
3. Sales by Staff
Sales reports by staff reveal how your staffing arrangements are affecting sales down to the individual level.
How to use the data:
- See which of your employees are performing well or not so
- Strategically rota staff according to when they perform best
- Make long-term staffing decisions such as whether to grow your team
4. Sales by staff who helped with sale
Not all your staff members work at the cash registers. You may have floor staff who do most of the selling, or in the case of a Veterinary Practise you have Vets doing the consultation. In Work Shops you may have Mechanics working on the vehicles.
You still need to track what these staff members are doing, this is where the Sales by staff who helped with the sale comes in
How to use the data:
- See which of your employees are performing well or not so
- Strategically rota staff according to when they perform best
- Make long-term staffing decisions such as whether to grow your team
5. Sales by Hour
Hourly reporting goes deep into the mechanics of what’s working in your business and what isn’t. It helps you see how even the smallest factors might be creating fluctuations that cumulate and impact you over time. These fluctuations might not be visible in week-to-week or even day-to-day reports.
How to use the data:
- Understand when your busiest periods are each day
- Rethink your staffing arrangements and opening hours based on demand
- React quickly to lulls, low stock and other immediate challenges
Not all inventory management systems are created equal, so it’s important to know all the facts before you dive in and choose one. If you’re ready to grow your business and simplify your inventory and order operations, start your free trial with Joyce Software today.