Keeping a business events log

When it comes to looking though your books and figuring out trends, there’s a simple trick you can use to help you make sense of the information. Keep a log of important things that have affected your business. Make sure you date all of your entries and be specific. Here are some examples:

• new competition opening in your area

• the beginning of a new product offering

• the discontinuation of a product

• running a sale or promotion

• the start of a new ad campaign

• lockdowns and re-openings

• special events

Log anything that you think will have an effect on the sales or expenses of your business. Later, when you’re comparing versus previous months, quarters or years, it will be easier to explain fluctuations in income and expenses and pick out the trends that will help you make great business decisions.