10 Updates

Small Business Dashboards: How They'll Help Your Business Grow

Apr 23 2014, 2:25pm CDT | by

If you’re a small business owner and aren’t running your business with the help of a dashboard, you’re in luck. Why? Because with the right dashboard, you’ll gain key advantages. You’ll save...

Filed under: news

 
 
 

13 weeks ago

Small Business Dashboards: How They'll Help Your Business Grow

Apr 23 2014, 2:25pm CDT | by

If you’re a small business owner and aren’t running your business with the help of a dashboard, you’re in luck. Why? Because with the right dashboard, you’ll gain key advantages. You’ll save tremendous amounts of time, reduce your stress, and increase sales and profits. Sound too good to be true? Read below and you’ll learn how and why this is possible.

What is a small business dashboard?

A small business dashboard is a series of charts and graphs that show exactly what’s going on in your business.

For instance, one chart might show your total sales to date for the month. Another might show the amount of account receivables you have. With the right charts and graphs in your dashboard, you’ll be able to quickly see the financial health of your business.

The benefits of having a dashboard

The right small business dashboard will give you six key benefits as follows:

  1. Gives you total visibility into your business. You know exactly what’s going on at all times. You know what’s working and what’s not working. For instance, your dashboard could show you exactly how your last email blast to your customers went. How many people opened the email? How much sales did it bring in? Such answers should automatically appear on your dashboard. Compare this to most business owners who have to login to their email system, or ask someone else to do it.
  2. Saves time. How much time do you or your staff spend creating reports in Excel or other spreadsheet programs? Any report that you create more than once should go in your dashboard. And once in your dashboard, the report can be programmed to update every hour.
  3. Improves results: Bob Parson’s, the founder of GoDaddy, said it best when he quipped, “Measure everything of significance. Anything that is measured and watched, improves.” The fact is that when you see your key metrics in your dashboard, you intuitively start improving your results. To this end, the best dashboards automatically show success indicators, such as a green arrow facing up when you’re doing well and a red arrow facing down when you’re not. When you see the red arrows, you naturally want to fix those areas so they become green. And you do, and sales and profits soar as a result.
  4. Reduces stress: every day I receive an email from my small business dashboard. The email includes a one-page summary of my business. It starts with my Profits, then shows my sales, then email results, advertising results, customer service results, etc.  For each of these key metrics I see my results month-to-date and how it compares to the previous month and previous year (color coded with green arrows facing up when I’m doing better than the last periods and red arrows facing down when I’m not). I can thus quickly scan every aspect of my business to see how I’m doing. And if there’s a problem (e.g., revenue from email marketing is down), I know precisely who in my company to contact to fix the problem. So even if I’m not in the office, I can rest easy, since I know exactly how my business is performing, and exactly which areas need improvement.
  5. Increases productivity: dashboards allow you to measure performance numerically. For instance, your customer service manager could see metrics such as the return rate, the average speed of answering phone calls, etc. Importantly, when they see their performance numerically, particularly if you use the green and red arrows mentioned above, they’ll naturally work harder to improve their performance and results.
  6. Increases profits: As discussed, your dashboard shows you exactly which areas of your business are performing poorly. When you know this, you know exactly where to focus your time to increase results. Conversely, your competitors probably don’t know this, and thus spend their time in the wrong areas. By knowing precisely what’s working in your business and what’s not, it’s simple to increase both sales and profits.

What to include in your dashboard?

There are 10 main areas I like to include in a small business dashboard:

  1. Financial Performance: showing information such as profits, profit margins and cash balance
  2. Revenue/Sales: showing charts such as sales per day and sales of your top selling products/services
  3. Conversion Funnels: detailing where in your conversion funnel you’re losing customers
  4. Website: showing the amount of visitors to your website, how they are finding you, etc.
  5. Advertising: to show the effectiveness of your advertising campaigns, such as how many leads or sales each dollar of advertising is bringing in
  6. Email Marketing: showing information such as how many emails you sent out, how many were opened, and how much revenue they generated
  7. Social Media: to tell the precise return on investment you are getting from Facebook, Twitter and other social media sites.
  8. Sales Team: to show you exactly how each sales person is doing in detail; for instance, their total sales, number of leads, proposal close percentage, etc.
  9. Customer Service: to identify results such as number of refunds, number of open and closed tickets, etc.
  10. Product/Service Fulfillment: to show how many services and/or products you’ve delivered or built, percentage of on-time delivery, etc.

As you can imagine, having all this information available on-demand in your dashboard, gives you a huge advantage over your competition. You know precisely how your business is performing and what to fix, while they spend the majority of their time on the wrong tasks. So, strongly consider getting a small business dashboard today so you can gain these key advantages.

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan R ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by ro ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin Hussein ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compensation. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Min ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involv ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Schem ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Drinking water shortage to hit world by 2040
London, July 30 (IANS) If we continue doing what we are doing today to meet our energy demands, there will not be enough water in the world to quench the thirst of the world population by 2040, says a study.
 
 
Kerry visit a start, Modi visit to US pivotal (Comment: Special to IANS)
John Kerry visits India Wednesday as a raft of crises consume American diplomacy. By contrast, US-India relations are at a moment of opportunity, but the US Secretary of State faces challenges in New Delhi that are significant in their own way.
 
 
Our Milky Way much smaller than previously thought
London, July 30 (IANS) The Milky Way, the galaxy that contains our solar system, is way smaller than astronomers previously thought, says a study.
 
 
Be aware of calories from soft drinks during meals
London, July 30 (IANS) Did you ever count calories from the soft drink you usually order along with the dinner? Now is the time to factor those in.
 
 
 

Latest from the Network

James Garner died of heart attack
Los Angeles, July 30 (IANS) Legendary Hollywood actor James Garner, who died earlier this month, passed away following a heart attack, his death certificate has revealed. Known for his roles in movies like "The...
Read more on Celebrity Balla
 
Australia issues arrest warrant against two terrorists
Sydney, July 30 (IANS) Arrest warrants were issued Wednesday against two alleged terrorists in Australia who boasted of beheading "infidels" in Iraq and posted gruesome images of severed heads on Twitter. The...
Read more on Politics Balla
 
Katy Perry parties with new beau in Las Vegas
Los Angeles, July 30 (IANS) Singer Katy Perry was spotted having a gala time with her rumoured new boyfriend and disc jockey Diplo in Las Vegas after the duo rekindled their romance last month. The "Dark Horse"...
Read more on Celebrity Balla
 
Drinking water shortage to hit world by 2040
London, July 30 (IANS) If we continue doing what we are doing today to meet our energy demands, there will not be enough water in the world to quench the thirst of the world population by 2040, says a study. The study...
Read more on Apple Balla
 
Kerry visit a start, Modi visit to US pivotal (Comment: Special to IANS)
John Kerry visits India Wednesday as a raft of crises consume American diplomacy. By contrast, US-India relations are at a moment of opportunity, but the US Secretary of State faces challenges in New Delhi that are...
Read more on Politics Balla
 
Rita Ora kept forgetting Fifty Shades of Grey lines
Rita Ora kept forgetting her lines whilst filming her scenes in 'Fifty Shades of Grey.' The 23-year-old singer - who landed the role of Mia Grey in the erotic drama - had someone feeding her script to her through an...
Read more on Movie Balla
 
Our Milky Way much smaller than previously thought
London, July 30 (IANS) The Milky Way, the galaxy that contains our solar system, is way smaller than astronomers previously thought, says a study. It is approximately half the weight of a neighbouring galaxy - known...
Read more on Apple Balla
 
Be aware of calories from soft drinks during meals
London, July 30 (IANS) Did you ever count calories from the soft drink you usually order along with the dinner? Now is the time to factor those in. New research indicates that meals that include a calorific drink are...
Read more on Business Balla
 
Apple Drops Their Appeal of Samsung Verdict
After the ruling in Apple’s favor by a jury in the patent infringement case with Samsung, the company was seeking a permanent injunction on a number of Samsung’s devices. The goal was to ban sale of Samsung products...
Read more on Apple Balla