Importance of Financial Dashboards for Start-ups & Small Businesses
Updated: Sep 8, 2018
If you are a start-up or a small business owner, you know the complexities of running a business. For the majority of you, you area one man show. This means you handle the marketing and sales, purchasing, inventory, customer service, client and potential client meetings and much more. With all this going on, keeping up with finances can get difficult. Without having key financial information such as revenue, cashflow, profit, expenses, etc., companies cannot implement proper strategies to grow their business. This is where financial dashboards are important.
Dashboards provide total visibility into your business. Dashboards give you exact information about what's going on in your business, what's working and what doesn't. For example, if you are running a specific campaign for a particular month or quarter, you can see the numbers immediately to see if your campaign is successful or not. It provides, campaign cost, campaign reach, total sales, net profit, and much more. All these answers automatically appear on your dashboard. Compare this with emailing your Accountant for reports and having to wait for days. Dashboards provide fast numbers. Reports that you create more than once should go in your dashboard. And once in your dashboard, the report can be programmed to be updated daily. Manually creating reports is extremely time-consuming and dashboards generate fast numbers. This frees up your time so that you can focus on other, more important aspects of your business. Dashboards provide visual data. Using charts and graphs makes it easier for business owners to easily read metrics without reading and going through long and complex documents. You don't ever have to use a calculator or a scrap piece of paper to get your numbers. Dashboards encourage better decision-making. You can't fix something that you don't know. Having proper data that is readily available is crucial when it comes to decision making. The data is easy to read, it's fast, it's in real-time, and it's complete.
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