{"id":19512,"date":"2022-10-03T08:06:10","date_gmt":"2022-10-03T00:06:10","guid":{"rendered":"https:\/\/www.doerhrm.com\/au\/?p=19512"},"modified":"2024-03-20T18:45:32","modified_gmt":"2024-03-20T07:45:32","slug":"why-you-need-a-data-reporting-strategy-for-your-small-business","status":"publish","type":"post","link":"https:\/\/www.doerhrm.com\/au\/why-you-need-a-data-reporting-strategy-for-your-small-business\/","title":{"rendered":"Why You Need A Data Reporting Strategy For Your Small Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19512\" class=\"elementor elementor-19512\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d862f8b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d862f8b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a4756b4\" data-id=\"a4756b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ec6000 elementor-widget elementor-widget-text-editor\" data-id=\"7ec6000\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.2 - 29-01-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">Reporting on data gives a clear and actionable picture of how a business is doing. It ties together different metrics and gives a real bird&#8217;s-eye view of each role, each department, and the company as a whole.<\/span><\/p><p><span style=\"font-weight: 400;\">No matter how big or small your business is, you need to be able to report. It&#8217;s also easier than ever for small businesses to set up data reporting systems that are simple and cost-effective. Let&#8217;s take a look at how.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e58c89 elementor-widget elementor-widget-heading\" data-id=\"3e58c89\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.2 - 29-01-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">What is Data Reporting?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aef94dd elementor-widget elementor-widget-text-editor\" data-id=\"aef94dd\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Data reporting is the process of gathering, organising, and displaying raw data so that a business&#8217;s performance can be evaluated in real-time and over time.<\/span><\/p><p><span style=\"font-weight: 400;\">Reporting on data is important for any business. It lets you make decisions based on facts that are good for your business instead of gut decisions that may or may not be good for your business.<\/span><\/p><p><span style=\"font-weight: 400;\">Think of it like taking a car for a test drive. It&#8217;s the best of the best, brand new, and you&#8217;ve heard good things about the model. Even if you have a good feeling about it, you might not want to start driving until you can see the dashboard computer. Even if the brand is well-known, you need to see how the car runs and if there are any problems. In business, it&#8217;s the same way.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c91e571 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c91e571\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-271da28\" data-id=\"271da28\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f4ea02d elementor-widget elementor-widget-heading\" data-id=\"f4ea02d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Data Reporting vs Business Intelligence<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd1cc74 elementor-widget elementor-widget-text-editor\" data-id=\"bd1cc74\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Now that we know how important it is to have a data reporting strategy, let&#8217;s look at how it differs from business intelligence.<\/span><\/p><p><span style=\"font-weight: 400;\">People talk about data reporting and business intelligence in the same way sometimes, but that&#8217;s not always right. Here&#8217;s how to tell the difference between the two:<\/span><\/p><p><span style=\"font-weight: 400;\">Reporting lets you know what&#8217;s happened and how your business is doing. This information can be shown in charts, graphs, tables, and other ways on reporting dashboards.<\/span><\/p><p><span style=\"font-weight: 400;\">Business intelligence (BI) tells you what happened and why, and it helps you spot trends and risks so you can improve your business&#8217;s performance in the future. With BI tools, you can look at metrics like customer satisfaction, changes in demand, and cash flow and make predictions about them.<\/span><\/p><p><span style=\"font-weight: 400;\">With data reporting and business intelligence apps in your stack, your business can be in the best position to evaluate its current performance, predict how it will change in the coming months, and respond to trends and risks.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-504956d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"504956d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-03486da\" data-id=\"03486da\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-51887c0 elementor-widget elementor-widget-heading\" data-id=\"51887c0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Types of Data Reporting <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fce93cd elementor-widget elementor-widget-image\" data-id=\"fce93cd\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.10.2 - 29-01-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.doerhrm.com\/au\/wp-content\/uploads\/2022\/09\/82.png\" class=\"attachment-large size-large wp-image-27008\" alt=\"\" srcset=\"https:\/\/www.doerhrm.com\/au\/wp-content\/uploads\/2022\/09\/82.png 1024w, https:\/\/www.doerhrm.com\/au\/wp-content\/uploads\/2022\/09\/82-300x225.png 300w, https:\/\/www.doerhrm.com\/au\/wp-content\/uploads\/2022\/09\/82-768x576.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cc9b8f3 elementor-widget elementor-widget-text-editor\" data-id=\"cc9b8f3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">There are a lot of different ways to report data. Here are some of the most common kinds. All of these can help businesses keep track of how far they&#8217;ve come in reaching their goals.<\/span><\/p><h3><span style=\"font-weight: 400;\">Compliance Reporting<\/span><\/h3><p><span style=\"font-weight: 400;\">Compliance reporting usually shows how the company and\/or customer data is collected, stored, shared, and kept safe. This kind of reporting is necessary to show that a company is meeting all of the requirements set by a government or regulatory agency under a certain standard.<\/span><\/p><h3><span style=\"font-weight: 400;\">Analytical Reporting<\/span><\/h3><p><span style=\"font-weight: 400;\">Analytical reporting uses qualitative and quantitative data when analysing a business plan or process. The goal is to gather, analyse, and present information so that the next step can be decided. For example, a market analysis could help a business figure out how to use its resources most effectively. If the analysis shows that a certain market is growing and getting more competitive, the company may decide to put more money into promoting that product.<\/span><\/p><h3><span style=\"font-weight: 400;\">Periodic Reporting<\/span><\/h3><p><span style=\"font-weight: 400;\">Reporting on a regular schedule gives summaries of performance data at regular times. These times can be every hour, every day, every week, every month, every three months, or every year. This type of reporting is best for telling a group of stakeholders about a company&#8217;s performance because it shows how the company has grown over time.<\/span><\/p><h3><span style=\"font-weight: 400;\">Dashboard Reporting<\/span><\/h3><p><span style=\"font-weight: 400;\">Dashboard reporting shows how a company or team is doing regarding its key performance indicators (KPIs). Dashboard reporting uses charts and graphs to give a quick, multidimensional look at how a company or team is doing by combining data from multiple reports and tools.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3c0f9d7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c0f9d7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-02fd66e\" data-id=\"02fd66e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-476820f elementor-widget elementor-widget-heading\" data-id=\"476820f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">How Small Businesses Can Use Data Reporting Strategy<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b71219 elementor-widget elementor-widget-text-editor\" data-id=\"8b71219\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Not all tools for reporting are the same. Even though there are a lot of fancy analytics apps on the market, the best data reporting app is the one that your business can actually use and learn from. For small businesses, this usually means making things easy to understand and not making things hard.<\/span><\/p><p><span style=\"font-weight: 400;\">Know what your business needs from a data reporting platform before you choose one. Here are some of the most important parts of a report that most small businesses should pay attention to.<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Dashboards and reports that can be changed<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easy to use; can gather data from multiple sources in one place<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A variety of forms for making reports<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Different kinds of charts<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Design that looks good and lets you add notes for context<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easy to share with key players<\/span><\/li><\/ul><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Now that we know what to look for, let&#8217;s take a look at some of the data reporting examples:<\/span><\/p><h3><span style=\"font-weight: 400;\">Dashboard for Key Performance Indicator (KPI)<\/span><\/h3><p><span style=\"font-weight: 400;\">A KPI dashboard shows key performance metrics in a visual way. Some of the best KPIs to include are website traffic, new contacts, new customers, and monthly sales. At a glance, you should be able to see how well your business is doing, ideally compared to the monthly and yearly goals you&#8217;ve set.<\/span><\/p><h3><span style=\"font-weight: 400;\">Dashboard for Website Performance<\/span><\/h3><p><span style=\"font-weight: 400;\">If your small business is like most, your website is a key way to sell and promote your products and services. It&#8217;s very important that it works well, or you could lose valuable leads. The good news is that you can easily track how well your website is doing with a simple dashboard that uses data from Google Analytics or a similar service. Page views, views per source, time on page, and bounce rate are some of the most important website metrics.<\/span><\/p><h3><span style=\"font-weight: 400;\">Dashboard for Service Performance<\/span><\/h3><p><span style=\"font-weight: 400;\">Another important thing to pay attention to is customer service and support. After all, if your customer churn rate is too high, your sales and marketing efforts will be for nothing. Customer satisfaction metrics, churn rates, and ticket response times are all useful metrics to track.<\/span><\/p><p><span style=\"font-weight: 400;\">Although trusting your gut is important, it&#8217;s not enough to gauge your company&#8217;s health. No matter the size or nature of your company, you can get an accurate and timely read on its health thanks to a data reporting strategy. You can be certain that your company is making progress in the right way if you have access to data-driven insights that let you focus on the areas that matter most.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-82ac779 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"82ac779\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-49b1ae7\" data-id=\"49b1ae7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Reporting on data gives a clear and actionable picture of how a business is doing. It ties together different metrics and gives a real bird&#8217;s-eye view of each role, each department, and the company as a whole. No matter how big or small your business is, you need to be able to report. It&#8217;s also&hellip;&nbsp;<a href=\"https:\/\/www.doerhrm.com\/au\/why-you-need-a-data-reporting-strategy-for-your-small-business\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Why You Need A Data Reporting Strategy For Your Small Business<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":27000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","_ti_tpc_template_sync":false,"_ti_tpc_template_id":"","footnotes":""},"categories":[5],"tags":[96],"class_list":["post-19512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-performance-management","tag-kpi-reporting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data Reporting Strategy for Small Businesses: Vital Insights - DoerHRM Australia<\/title>\n<meta name=\"description\" content=\"Discover why a data reporting strategy is indispensable for small businesses. Explore how a well-structured data approach is pivotal for success. Delve into insights at DoerHRM Australia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.doerhrm.com\/au\/why-you-need-a-data-reporting-strategy-for-your-small-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data Reporting Strategy for Small Businesses: Vital Insights - DoerHRM Australia\" \/>\n<meta property=\"og:description\" content=\"Discover why a data reporting strategy is indispensable for small businesses. Explore how a well-structured data approach is pivotal for success. 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