Reporting metrics contractors should know and use

by Emily Hughes, JobNimbus.

Understand sales, workflow, and financial metrics with JobNimbus reports for long-term success.

Knowing and using the specific reporting metrics contractors need to succeed can mean the difference between a short-lived and long-lived business venture.

Why? Because it’s the vantage point to see your business from, to get an accurate picture of what’s going on today compared with where you want to be in the future.

We know this from working with thousands of contractors who use our software day-in and day-out. Since JobNimbus is the hub you use to get things done, taking a few minutes to make sure you’re optimizing your use of these powerful reporting features is really important.

So today, we’re launching a series of how-to’s for several easy-to-run reports that could change how you see and guide your contracting business. Here’s an overview.

Our Recommended Reporting Metrics for Contractors

Don’t worry, reporting doesn’t have to feel like a black hole on your schedule. It can actually be pretty rewarding as well as simple to understand a few key metrics and how they apply to your company. It can feel like a celebration, once you get a sense of what these numbers mean, apply changes to your business as needed, and begin seeing better results.

Let me show you what I mean by sharing this overview of our team’s top recommendations for reporting metrics contractors shouldn’t do without.

Note: If you’re unfamiliar with the ready-made reports in JobNimbus, start here: 15 Simple Built-in Reports Every Contractor Needs in Their CRM.

1. Ben’s Recommendations: Know Your Sales Numbers

JobNimbus Co-founder Ben Hodson points out the following key sales metrics:

• Lead Source: Understand where your leads come from in the context of other key information, like dates of the year.
• Sales Pipeline + Close Rates Per Sales Person: Keep an eye on your sales team’s close rates as well as their expected revenue for each lead in the sales pipeline, and more.
• Tracking Commissions: Get a quick view of sales commissions by team member for a certain date range.

We go into each of these reports step-by-step to help you know exactly how to get the most from them: Essential Sales Reports That Help Contractors Win Customer and Make More Money.

2. Ronnie’s Recommendations: Know Your Workflow Numbers

Training Manager Ronnie Smith has seen the following metrics help contractors elevate their business workflows:

• Scheduling Jobs: Once you start juggling more than a handful of jobs, the advantages of scheduling are obvious. This report gives you a clear and customizable view of what’s happening and when.
• Managing Employee Task Completion: Follow-through problems? Whether your workflows are simple or more complex, this report helps you know where performance problems might be holding things up.
• Average Overall Job Completion Time: This one’s going to turn you into a real productivity nerd. While you don’t need to obsess or micromanage your team, if you don’t know how long your jobs are taking start to finish, this report can be very valuable.

Details coming! We’re rolling this out as part of a series of resources, so we’ll link this article to how-to’s in the coming weeks.

3. Brad’s Recommendations: Know Your Financial Numbers

Brad Hodson in Sales, Marketing, and Support helps businesses understand why visibility on financial metrics is key:

• Invoice Aging: This report shows how long unpaid invoices have been waiting to be paid. If cash flow’s a problem, these numbers can really help you track collection efforts.
• Budget Report: These metrics help you manage revenues, gross profit, net profit, and so on. Without this information, it’s too easy to overestimate how much money’s coming in and underestimate how much you’re spending, which is a recipe for disaster.
• Open Invoices to Be Paid: Paying (or worse, never paying!) past-due balances is only costing you more money, and draining the lifeblood of your business. This report helps you stay on top of it, while also helping you preserve your good name in the industry.

Again, we’ll be posting step-by-step instructions for these reports in the future. Stay tuned!

The Power of a Better Vantage Point

Knowing the numbers and getting more comfortable with reporting is like a bird’s-eye view on your customers, team, and company. Not looking at these important numbers is not a business strategy–it’s just denial!

We hope this series will help break habits that aren’t doing you any favors, by bridging information gaps and helping you align the day-to-day realities with your ultimate vision for the success of your business.

It’s doable!

And remember, JobNimbus is unique. We keep our CRM and project management software simple, then give our users the power to customize and supercharge it, and that includes key reports like these. So jump in with this guide series when it’s ready, or reach out for additional training options as needed. We’re here to help!

Check out our training options here.

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Source: JobNimbus.