A business organisation is always in need to constantly improve and get better at all times. This is to ensure that they always stay on top and that they are always ahead of the competitors. However, some people might think that the only way to do that is to earn more money by hiring more people and going out there to sell more product or services. But, sometimes there are things that you can fix in the company as well.
Performance reporting is something that a lot of companies do not embark on only because they do not understand the benefits that it will bring the the internal parts of the company. A business needs to be able to understand how they are performing by constantly looking, assessing and analysing all their reports. They need to ensure that they compare these reports to their KPIs so that they know that they are on the right track to fulfilling the goals they set out at the start of the year.
Here are the 3 main reasons why we believe that performance reporting should be a priority in your company :
Reason 1 : Allows For Benchmarking Performances
Just out of the gate, we can tell you that performance reporting will allow you to set out benchmarks from where your team can measure your results across a time period. If you want to measure results but you have no idea where you started from, there really is no point in measuring. If you cannot see where you start, how will you know how far you’ve gone?
By having a benchmark, you are opening the doors for your team to have a more open mind to better strategies and ideals that will sooner or later improve the effectiveness of what they do.
By adopting performance reporting, your business is in a place where they can gather data that is essential to improving business strategies and being more creative when it comes to problem solving. This also allows for optimisation of your processes. If you can see which one of your reports are showing the best growth, you will know which process to work on to make better.
Reason 2 : Allows for Improved Measurement and Monitoring of Your Team
With KPIs and goals for the year, it is important to make sure that your entire team is working towards making those goals a reality. By having these reports like financial reports, your cash flow reports, monthly departmental results reports – you are then able to make sure that everyone is doing what they are supposed to do.
With proper performance reporting, the rest of your team will be inclined to make sure that they play their part in ensuring that the company does well in the departments that they are in. Transparency is key when it comes to improving the company culture and in rallying everyone to making changes in the company. By having these reports out in the open, the team is allowed to see almost immediately how their actions are affecting the company.
Reason 3 : It Allows For Easier Annual Reporting
With the new Malaysian Business Reporting System, all companies will soon need to be able to consolidate all your reports to be then reported to SSM. These reports include your financial reports, your EA forms and many more.
If you have kept up with all that performance reporting over the year, fulfilling this requirement by the Malaysian government will not be a hassle at all when you have to do it at the end of the year.
Since MBRS is a new software, SSM has commissioned workshops to be held to make sure that everyone gets up to speed in using this new software. Learn directly from the developers of the system and register to be part of one of our workshops today. Click here to register!