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...

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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

6 weeks ago

RM47mil KWSG contributions still unclaimed

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

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dew ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

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

Melbourne Rising Media Launch
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was brok ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

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

Federal Aviation Administration Bans All US Flights To Israel
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the De ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 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, ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

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

INDIA-CHINA-DIPLOMACY-TRADE
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 th ...
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

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 mill ...
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 Minister Dat ...
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

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocatio ...
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

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar ...
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 Skyway (Kidex) ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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