As a Micro Business owner monitoring your business sales is imperative. Creating enough income is essential for your business success. Once you have gone through the budgeting process you need to monitor your actual figures against that budget.
As a Micro Business owner monitoring your business sales is imperative. Creating enough income is essential for your business success. Once you have gone through the budgeting process you need to monitor your actual figures against that budget.
You can run a simple “Sales Register” report at any time thoughout the month to see how your sales are progressing. You may have a budget of $5,000 per month. If you run the “Sales Register” report weekly you can easily see if you are on track to achieving this target. If you are not on target you either need to generate more income or perhaps you just haven’t got around to sending out invoices for jobs completed.
Another good Sales Report is “Sales by Customer” report. This report shows how much you have billed each Customer during a particular period. There are a couple of reasons for reviewing this report. Firstly, you need to know which Customers are creating the most income for your business and look after them accordingly. Some businesses even categorise customers and provide different levels of support based on their value to the business.
Another reason is you need to know if a great percentage of your income is coming from only one or two customers. What would happen if you lost that customer? You could treat this as a risk assessment for your business.
Another really useful Sales report is “Sales by referral”. Most Accounting Software Programs have the facility to allocate a “Referrer” code to Sales Invoices. It is good idea to keep a record of where you are getting your referrals from, for example, Yellow Pages, Word of Mouth, Internet etc. You may be surprised by this information, but you will be able to allocate your Advertising dollar more effectively.
Making sure that your Micro Business has generated enough sales is the first step in creating a successful business.
For more help to manage the bookkeeping & administration for your Micro Business see http://www.beyourownbookkeeper.com/
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