How can a real-time business dashboard improve my small business?
If you own a small business and have yet to discover the many benefits of real-time, business dashboards, you could well be missing out. This valuable tech can help you drive your business and give you the edge against your competitors.
As a business owner, you will no doubt already appreciate the importance of keeping a close eye on all areas of your business. Without efficient monitoring systems in place, it is hard to keep track of those areas of your business which are doing well, or those areas which may need further attention.
The task of monitoring alone can be very time-consuming, and the chances are that time is something you already have in short-supply as you focus your energy on the day-to-day running of your business. Business dashboards can provide an at-a-glance overall view across many elements of your business in an easy-to-use format. Real-time dashboards enable you to identify opportunities and risks within your business quickly.
How can a business dashboard help you?
Nobody wants to have to log into various systems to access reams of data and then try to decipher it regularly to get an idea as to how their business is performing. A customisable dashboard allows you to consolidate the data in one place, meaning you can easily pick and choose what you want to monitor.
Other ways it could help to boost your business include:
1. Giving you complete visibility of your business in one place
With so many different business areas to monitor, a dashboard allows you to see all of the most critical facts and figures quickly and clearly. Much like the dashboard of a car, you can see exactly what is and isn’t working within normal ranges.
2. Assists in discovering weak-spots
When things are busy or appear to be running well, it can be easy to miss a drop in performance in one or more areas. Since tackling problems as they arise can be crucial in avoiding more significant future issues, a dashboard displaying current performance levels across the business may be invaluable.
3. Save time and increase productivity
A well-designed dashboard means that you can access data quickly and easily, often from just one screen. Once set up, it could save you and your staff hours of work preparing various spreadsheets and drilling down through mountains of data. Giving you time to focus on growing your business and encouraging staff to increase their productivity levels as results can be seen instantly and in real-time.
4. Get immediate, meaningful feedback
Being able to measure business performance in real-time and receive immediate feedback can be invaluable when you’re trying to grow your business. For example, if you send marketing emails, you can set-up your dashboard to monitor how many of them are opened, read and lead to people clicking through to your website. Data that would otherwise have taken a great deal of time to gather can be available instantly.
5. Answers to questions at your fingertips
As the owner of a small business, you may find yourself needing immediate answers to questions such as, how many new customers have you had this month? What is the total value of the sales that have been made? Good decision making needs to be backed by reliable information. With a dashboard, the processing of such data can be handled automatically, providing you with what you need, when you need it.
6. Enhances team collaboration
Dashboards can be accessed from anywhere, making them invaluable for businesses with remote-working teams, or employers who are regularly working out of the office. It means that your entire team can always access the latest business information and share their insights and questions.
It’s possible to set up a simple dashboard to start with as a means by which to share critical data with your team. This will enable you to collectively track how the business is progressing against its key objectives. You can then expand the data it displays as necessary over time.
Different types of business dashboards
There are two different main types of business dashboards. Analytical versions are designed to help improve company performance and set realistic future goals based upon historical and real-time data.
Operational dashboards focus on day-to-day operations and can help to identify issues such as efficiency and performance.
Whichever you choose, a dashboard should be fully customisable to suit your business needs, offering you an accurate view of your business and supporting essential decision-making.
Find out more about how Soldo’s real-time business dashboard can help your business here.