Why Small Businesses Need Business Dashboards
We’re in the business of reporting dashboards, so today I’d thought I’d take some time to go through why smaller businesses should take a look at building their own dashboard.
Right now, this kind of data is probably being analyzed either manually (hello spreadsheets!) or by logging into individual systems of different departments and culling out the information one by one.
For you small businesses especially, it is important to be constantly updated about opportunities for growth as well as knowing where there are losses in your business so that you can stop them with reliable and effective strategies.
If you didn’t already know, a business dashboard is a useful tool that helps you analyze crucial metrics and other data, including tracking KPIs. It can help you see your business performance at a glance so you know exactly how your business is doing and can project its future growth and progress too.
Just like the dashboard of a car gives its driver all the information required to keep the car safely on the road and get him to his destination, a business dashboard helps business owners and managers to steer the business towards their destination.
It helps to see roadblocks ahead, anticipate challenges, and formulate strategies to meet challenges head on. Business dashboards give the relevant information in a precise and concise manner.
You’re not wasting time digging through mountains of data to get at what you want. You can see at a glance whatever you need to make better decisions. All the information you seek is at your fingertips on a business dashboard.
Business dashboards also help to foster team spirit and a feeling of belonging as it helps the key players of the business stay on the same page. They can get the vital information they need without having to wait for it to be delivered to them from someone from another department.
This cuts down on time, which is the most valuable asset for small businesses, and helps people to spend their time doing what is most important to steer the business towards greater success.
A dashboard for a small business shows you the data you need to know though a variety of graphs and charts. You can be up to date with different metrics, from financial metrics, customer metrics, to revenue metrics and employee metrics.
Data from multiple areas of the business is organized into an easy-to-understand and easy-to-see interface, which is available to whoever you wish. This makes decision making that much easier as everyone has the information they need to make the decisions that matter. It is a more democratic way of running your small business.
With a business dashboard, different departments within your small business can better understand each other, their progress and challenges, and work together in alignment towards a common goal. Everyone can see exactly how far you have come and where you are going.
There are many different ways to set up a dashboard, whether it’s using connecting APIs to Excel to build your own, or using a tool such as neatly (shameless self-plug) and the initial time you take to set it up is good investment for the results you get.
Have you set up your own dashboard? We’d love to know how it’s helped your business, let us know in the comments below.