As promised last week, this week’s topic is management dashboards.
A management dashboard is a tool designed and tailored for a business to merge data from different sources into a single tool, allowing management to look at complex pieces of data on a single screen, and possibly revealing patterns. Often, the dashboard will present visual reports for analysis. A good virtual CFO will help design the management dashboard which will best help you keep track of your business’ progress.
As I head to Chicago for my quarterly Strategic Planning Retreat, I am reminded that airline pilots may have 100 different dials and gauges to keep track of, but rely principally on 4 or 5 to guide their flights.
So it is with entrepreneurs – there are normally 4 to 5 principal metrics which drive their business and its growth.
Some examples of these metrics are:
Whatever the key metrics for your business are, your vCFO will help design a dashboard to present you the best information possible. Make sure you review your dashboard on a daily basis, so that you can easily and timely spot any issues which may need your attention.
Remember – you must measure to manage.
Click here for an article with more information about dashboards.
As an entrepreneur, have you found ever found it difficult to keep track of your business’ driving metrics?
Please click here to email me directly – I would love to know more about your experiences determining whether your business is on course or not.
Until next Wednesday – have a great week!