Gathering and Using Your Business Data

While I have not been open for a year yet, my business is no longer extremely NEW.  They say a business is still in beginning phases until you have at least 2 years complete.  This is when banks, wholesalers, government, and other services take you seriously.  You have sales records, tax documents, and proof that your business really is doing what you say.  But as I was saying I am no longer extremely new business.  I have been open long enough to start creating those records. 

Ever since my first job when I was taught inventory and placing orders, I have been a numbers and charts person.  It helps that I had some of the greatest business men and women to teach me some of their secrets.  Much of who I am today is thanks to all their lessons in business.  I have a Big Thanks going up to heaven to Bill for teaching me customer service skills, business inventory, merchandising, marketing, bargain shopping, and much much more. 

I have been starting to chart my sales by categories and the month of the year.  I am doing this along with a weekly and monthly inventory.  I also chart my online sales, cash sales, and other services sales according to the month of the year.  As this year has progressed, I have been adding additional categories to help better serve my research.  In fact one of my first improvements was a larger cash register with more categories to help me keep track. 

The next step of sorting my data was better taught to me by my next teacher who was also my boss and a Big Thanks to Gary for my extra knowledge of merchandising, seasonal flow, impulse targets, and many other retail tips.  He helped me realize items that are staples of seasons, holiday shopping goals, sales that are effected by weather conditions and seasons. 

Now I can chart weeks of the year that are the busiest and maybe understand what things going on around me are making that happen.  What weeks are the slowest and what can I do to increase sales during that time.  I also can control my inventory to have more sales by understanding what customers are buying more of and does it change from month to month or year to year.  You also have to keep tract of any loss, this could be do to damaged merchandise, out of date or code, recalls, and miscellaneous reasons. 

These resources will help you make sound business decisions through out the years.   Things may also change from year to year then you need to make averages as well as current data.  Sometimes things change do to an outside force like the economy and you have to adjust to survive the low times.  Make patterns and start doing yearly charts as well as your monthly.