Foodservice repair companies are experiencing a major rebound in demand, and that’s opening an opportunity for fast growth. To scale effectively, leaders need to know the ins and outs of their company’s sales performance as well as how those numbers stack up against overall profit.
Unfortunately, in the foodservice repair industry, there are so many moving pieces involved in the business that it can be difficult to know which sales reports will reveal a complete picture of your sales performance. In this article, we examine four foodservice repair reports that will help you dig into sales performance and plan for more growth.
Understanding sales performance in foodservice repair is critical.
The demand for foodservice repair services is rising quickly. In fact, the industry is expected to grow from just under $35 billion today to more than $50 billion by 2028. However, if you don’t understand how well sales is performing and how those figures are affecting your company’s bottom line, you may not be able to scale the company alongside the surge in business.
That’s why it’s so important for your business to use an all-in-one field service management system that includes in-depth reporting. With a full picture of sales performance in front of you, it’s easier to increase revenue, increase your quote conversion rates, and scale.
Use these top sales-related foodservice repair business reports.
To grow and scale in the foodservice repair industry, you need to be able to see more than your surface-level sales numbers. Here are a few business reports that will help you gauge sales performance on a deeper level, so you can scale more easily:
1. General Ledger Activity Report and Net Profit
To understand how sales performance relates to the full foodservice repair business, it’s important to have technology that matches all activity to your general ledger. The most advanced reports will track activity on each of your accounts and compare it to your general ledger. The advantage of these reports is that all sales activity, including counter sales, equipment sales, emergency calls, and other sales are accounted for.
With a firm grasp on net profit and your general ledger, you can see how all sales are resulting in profit. That makes it easier to view your sales figures in context, see where there’s room for improvement, and make more accurate growth projections for the company.
2. Invoice Revenue
With invoice revenue reports, you get a detailed look at invoice revenue. In advanced reporting systems, that will include critical details, such as taxable sales, nontaxable sales, and gross sales. It will also provide the tax amounts associated with each invoice as well as totals with tax included. This is a major advantage for foodservice repair businesses that operate in multiple states or jurisdictions because you can break tax down by state or county. That all makes it easier to keep taxes straight amid different or changing tax codes and see exactly how much revenue is coming in from sales.
3. Cash Flow Forecasts
Cash flow forecasts don’t just reveal how much money your company has available. These reports predict your upcoming revenue as well as the accounts receivable on the horizon. At the same time, cash flow forecasts will give you projections for all of your banking balances.
The most immediate advantage of cash flow forecasts for foodservice repair companies is their role as a growth driver. By predicting how much cash will be flowing into the business in the future, it’s easier to set sales goals as your company scales.
What’s more, you can pair cash flow forecasts with all-in-one field service management software, adjust to foodservice market trends, and carve out more working capital. For instance, you can use performance metrics to identify growth opportunities, spot any processes or practices that are blocking cash flow, and make adjustments that increase revenue. As you make strategic decisions, you can also use cash flow forecasts to see how those choices are affecting your long-term growth plans.
See how in-depth foodservice repair business reports work.
In the foodservice repair industry, tracking performance requires digging deeper into numbers and understanding a full picture of every sale. However, not all field service management software will make it easy to capture and report on the details you need to scale efficiently.
Davisware provides an all-in-one field service management solution that gives you foodservice industry-specific repair metrics and reports in easy-to-understand dashboards. At the same time, you can manage your entire organization from the office to the field and beyond—on a single platform. Schedule a demo now to see how the most advanced all-in-one software in the industry works.