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Management Dashboards 102 – How can they help you?

February 5, 2015

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Now you understand what a management dashboard is (if you don’t, see our most recent blog post – Management Dashboard 101). How can you use it to help improve your business? When designing your reports, think about how your business makes money, how you generate sales and where all your spending goes.

management dashboard

What common decisions can these reports can help with?

  • Which products/services are selling the best/worst? Where should I be focusing our business’ efforts?
  • Are the best selling products/services also the most profitable? How can I improve the profitability of those products/services?
  • Are the buying habits of my key customers improving? On which customers should I be focusing more attention?
  • Are my salespeople meeting their targets? Which employees should I be rewarding? Which ones are having performance issues?
  • My sales are increasing, but my bank balance is not. Are there customers that are taking too long to pay? Are there any sales that I’ve forgotten to invoice?
  • Cash is tight. Which payables do I need to pay immediately and on which can I delay payment?
  • On what areas am I over/under spending?
  • Which products are over/under stocked? Should I adjust my inventory buying habits?

It is always important to think about all the decisions you make when running your business. These decisions can help fuel your business strategy and ultimately the growth of your business. Management dashboards are a great way to streamline this decision-making process into organized reports that can be customized to be simple or complex to suit your business’ needs.

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