Flash Reporting, Business Maturity, and Decision Making
Keywords – Flash Report – Flash Reporting
How should businesses make decisions?
Should business decisions be based on gut feeling or on backable information?
You may have a strong inclination, but things are not always straightforward.
Gut feeling may come natural to entrepreneurs and startups because a high number of decisions are needed to be made during the early stages.
In such cases, backable information is not an option because of:
- No past history
- High cost of research
- Lack of time
However, as things move forward, you must learn to adapt.
Change of Styles
A boxer changes their style as they mature. Similar cases are visible in other sports too, e.g. football.
For example, the legendary Ryan Giggs, who had pace in his youth switched to technical leadership in his senior years. The same concept is applicable to businesses too.
Over time, businesses must learn to fall back on their experience as they grow because it becomes far more difficult to change directions with a growing size. You need to have the right information to make the right decisions.
However, this information does not need to be in big bundles.
Flash reports are summaries of key financial and operational data of a business.
The main aim of flash reporting is to provide information for managerial, business decision-making.
Generally, the flash reports are provided by the accounting department to the business management.
The frequency of these reports depends on the dynamism of your business. As a result, the frequency can be anything from daily to a couple of months.
Let’s look into a couple simple benefits of flash reporting.
1. A Business Snapshot
Leaders need to know where the business is and if any tweaks are needed.
Put simply, if you take your eyes off, you are at risk of the business spiralling out of control.
A flash report is what it says on the tin. It should be an easy read and provide a quick snapshot of business conditions. Decision-making is the next simple step.
2. Extensive Ability
Flash reporting has traditionally been part of the accounting department as they generally collected business data exclusively.
However, with the use of digital technology, for instance Google Analytics, you can have flash reports for pretty much anything. Our marketing partners, Marketing Voice, use Google analytics and Semrush to capture and present marketing data for their partners.
To learn more, get in touch with us today.