How Smart Business Owners Use Business Dashboards
It’s time to make sense of all that data… What is your business dashboard telling you?
The U.S. Small Business Administration has published a list of ways business dashboards are being used effectively by business owners:
1. Stay on top of sales with real-time data.
The problem with reports is that often there’s a lag between when something happens and when the report is run. A dashboard can be set up to give real-time insights, such as for sales forecasts. By seeing how orders are trending right now, you may be able to take quicker action than waiting until the end of the month for a report to find out that sales are down.
2. Jump on receivables faster.
Your DSO (days sales outstanding) rate is a crucial indicator to make sure you are collecting receivables promptly. By having a running calculation updated each day, your receivables will stay top of mind and you are prompted to act on them.
3. Unlock previously unknown insights for new opportunities.
How often do you run into data that is one software system, but not in another? You may have information in your email marketing application that never gets connected with your sales system. By pulling data into a single place, and with use of some analytical tools, you may be able to spot opportunities you couldn’t “see” before.
4. Serve customers better.
Companies may have data signaling customer satisfaction issues. The problem is, the information may be scattered in several systems such as the help desk system and invoicing system. But the dots may not be connected or seen by the right people. With a dashboard you may be able to connect cause-and-effect or related impacts to spot and resolve customer issues.
5. Save time monitoring social media.
Social media is powerful, but a common complaint is how much time it takes. Save time by picking a few key metrics and then monitoring those in a single dashboard. Hootsuite, for instance, allows you to monitor up to 30 social platforms from one place. Other platforms, like Dasheroo, enable you to monitor numerous social signals along with other critical business data.
For more tips and to view the full article please visit the SBA website at: www.sba.gov/blogs/10-ways-smart-business-owners-use-business-dashboards
Davis & Hodgdon Associates CPAs is a full-service public accounting firm with locations in Williston and Rutland Vermont.
The firm serves its clients from their locations in Williston, VT and Rutland, VT by providing progressive, proactive services through expert staff, high-end technology, and unparalleled efficiency. Bret L. Hodgdon, CPA, CFP®, CFE leads the Audit and Accounting Department for the firm. As a Certified Fraud Examiner, he is a proven leader in the anti-fraud community. For more information call 802-878-1963 (Williston) or 802-775-7132 (Rutland).
