When running a business, we often need to track various things such as profit and loss, etc.
What other things would you like to keep track of, and on what time basis (daily, weekly, etc.)?
When running a business, we often need to track various things such as profit and loss, etc.
What other things would you like to keep track of, and on what time basis (daily, weekly, etc.)?
November 19, 2009 at 1:08 pm |
what I want to track is the popularity of our products. I would like to do that on weekly but it would be one day of weekday and weekends. from that I can see which product is famous and when the best time to sell is.
also I can find from it that how many we need to order our stuff.
November 19, 2009 at 3:19 pm |
Inventory tracking is very common now using scanner technology where we can even see the number of products bought in a certain day (even hours) and even competing flavors/sizes, etc that we sell (of course stores that carry competing brands can even compare those, but they may not share all their figures with you, the selling company).
Why one week day and one weekend day? What kind of differences would you expect to see?
November 20, 2009 at 7:09 am |
I would like to track how many units of each product is sold weekly and monthly as well. it helps find which types of pruducts are poppular, and what day or what season are the products sold the most. in addition to that, I want to track the information of customers such as how old, male or female, what kind of jobs something like that. the more precise the information becomes, the better strategy is able to be made. for example, if I track these kinds of information, I may be able to make new products meeting the needs the customers have.
I think that the tracking challenge helps to offer good hospitality because it is required to pay attention to the customers more and more. to sum up, trying to gather some information related to customers will assist the growth of the shop in many ways.
November 21, 2009 at 8:14 am |
I would like to keep track of every costs to run my company, for example the charges for electricity, gas and water and overtime pay etc… This is because, if I could know these in detail, I might be able to make measures to cut costs to run my company, and decrease our total expense, so raise our profits.
I also would like to keep track of what my employees think about me and our company or what they want me to do by doing researches. I think, if I could have a lot of opportunity to make contact with employees, and talk with them about what they wrote in researshes, I could refrect their voices or thoughts to my business, and I may be able to have good relationship with them, also to make good atmosphere between us to work together, so we could raise our profits because, I think if their boss could refrect their voices to the business directly, they could be motivated by this, and work more hard for my company. We can imagine, they feel boring and bad, if they can’t reflect their voices and thoughts to their business because they have to work day by day while they just stick to orders from their boss as if they were robots, so they couldn’t have hope for future, and find motivation for their working, finally the total profits’ll be lower in this case.
November 24, 2009 at 6:44 am |
Akio,
How will you get this cusomer information? Remember you said Japanese customers don’t like to be asked where they live and work, when their birthdates are, etc…
November 24, 2009 at 6:49 am |
Takeshi,
Keeping track of expenses is important for keeping costs under control and making sure the company has adequate funds to pay their bills. It’s part of managing cash flow.
As to communicating with the employees, this is easier when the company is smaller, but as it grows in size, may be difficult to do. One way to get around this is to have small business units, something that Branson employs at Virgin. He keeps business units small so that communication is more effective and it’s easier for employees to talk with the head of the operation. Some large companies are better at motivating employees, like Google for example who allows employees a certain amount of time each week to do research on their own project(s).
Do you know of any other large companies that do something like this to motivate their employees?
November 25, 2009 at 12:49 am |
Analzyzing the trend of the sales is alway important, so we have to do thoroughly and patiently. For the sake of it, I think tracking is very important and vital. As some students said above, I want to track the inventory and sales figure, customers and employee’s voice. But these are not enough. We have to keep track of more detailed things, such as the weathers and the events if it exists. For example, if we run the cafe business, the sales fighre could be different between the sunny days and the rainy days. Also, the companies which sell chocolate or candy will directly benefit from the certain popular events, especially the ones which occurs in October or Feburary (or even March). In addition, we should keep track of the stock price and foreign exchange rate if we need to. All is done by daily, weekly, monthly, annualy, just as we can.
November 25, 2009 at 1:00 pm |
Misato,
The stock price would be for a public company, so if your business is privately owned, you won’t be concerned with that. As to weather affecting business, it depends on the type of business.
As to such events, they do influence sales in various businesses. It’s important to take advantage of such things and make the most of them.