Naughty or Nice? Staffing Reports That Should Be on Your Nice List in 2021
It’s crazy to think that we are already at the end of 2020 and the holidays are upon us. It seems like the past 9 months have surprisingly gone fast, despite everything going on. Even though Holidays 2021 the holidays will probably look a little more like a holi-daze this year, I still look forward to the holiday season and all of the holiday cheer it brings! Overall, I think everyone is probably looking forward to the holiday season a little more this year!! In the mix of all of the holiday cheer though also comes planning for 2021. Many companies may find planning for the new year even more difficult than in years past. How do you plan when there is an unpredictable year ahead? Having the right staffing reports by your side will help you analyze where you are at and forecast for the coming months.
So, what staffing reports should be on your nice list in 2021? First, we will take a look at a few reports that will help give you an overview of where you are at. Next, we will dive into a series of reports that take a look at the nitty gritty details and will help you forecast. Finally, we will end with 3 bonus reports you should have by your side every day!
Planning & Forecasting Reports
First, Review Where You Are At
Before you begin forecasting for the coming year, you will first want to get a handle on where you are at. Where is your revenue coming from? What clients are doing the best? What clients have the most billed hours? What is your client turnover rate? Understanding your business and knowing where the most revenue is coming in from, will help you forecast later on.
Revenue Trends Report
The first helpful report will be a high-level revenue report that captures the fundamental aspects of revenue trends. Compare 2020 to 2019. You can even compare 2020 to years prior to 2019. A simple comparison could be sales, revenue, and bill hours. How did your company do in comparison to years prior? Has there been a significant drop or is it comparable? Are there any specific months that were more comparable to others, particularly in the past 9 months? If so, what did you do to help keep the revenue comparable? Try to identify trends that you may see in the coming year.
Revenue by Category Report
After the high-level review, you can then dive into revenue by category. This can include: location, industry, line of business, etc. If you staff both temporary and direct placements, you can create (2) separate reports for each sector. Take a look at where the most revenue is coming from, if there are any trends, if there are any places for improvement, and if there is a way you can further capitalize in the area’s where the most revenue is coming in. Also analyze, why some areas may be performing lower than others-was a specific location and industry hit harder during the pandemic?
On this same report you can even include a summary of your top 10 clients that brought in your most revenue. Some items to compare: bill amount, bill hours, gross margin, avg. gross margin, avg. markup, payroll costs, and % of total billed. This report will help you understand who your best clients are and who is bringing in the most revenue. You will want to keep these clients happy! You may also want to think about any trends you see among these companies. Is there a reason why these companies are your highest performing? If you can find a trend, you can search for similar companies to partner with.
Another important area to note on your client comparison report, is the percentage of billing. Is there one client that is bringing in a significant amount of revenue? If so, you will want to look into diversifying your accounts. You want to avoid a single company bringing in the majority of your revenue, otherwise you won’t be in a good position if you were to lose the account.
Customer Ranking Report
Similar to the above report where we list out the top clients bringing in the most revenue, you can build a separate Customer Ranking report that shows a snapshot of all of your clients. Again, identify your top clients bringing in the most revenue and also which clients are bringing in the least revenue. Just like you want to identify ways to capitalize more on the clients bringing in the most revenue, look into the clients that aren’t bringing in as much. Identify why this may be and see if there could be more opportunities to work more with those companies. Similar to the above report, good comparisons would be bill amount, bill hours, gross margin, average gross margin, average markup, payroll costs, and % of total bill.
A useful comparison to this report, would be to pull last year’s Customer Ranking Report. Are the same customers on top or are they different? If they are different, why are they different? In 2021, do you anticipate the top companies on your 2020 report to remain on top?
Next, Dive into the Nitty Gritty
Our revenue and customer ranking reports give us a nice overview of where you are at and a snapshot of where your clients rank. Next, it’s time to dive into a little more detail to help you further identify areas to focus on in 2021.