A business dashboard is an instrument that helps you to provide visualization and monitoring during the operation of your business. Simply put, it provides ease of use of relevant data in the form of numbers, coefficients, and graphs.

Of course, all these indicators are directly related to the purpose of making decisions that relate to your business in one way or another, so it is important to study the Business Dashboard Guide in order to ensure an understanding of the usefulness and functionality of this tool.

By presenting complex information in an easily digestible format, a dashboard allows business owners to quickly identify trends, monitor progress, and make informed decisions based on real-time data.

Furthermore, it helps streamline processes by consolidating information from various sources, making business operations more efficient and transparent.

Business benefits

If you are the founder of a business, then it will be much easier for you to control the development of your business by monitoring your financial, marketing, and commercial goals, and then you will be able to assess the discrepancies between the forecast of your business plan and the real one (actual figures and visual) – and make the necessary decisions and take the necessary actions to correct the situation and achieve set goals.

This tool can also be used to analyze the situation: understand the reasons for failure (or even success), anticipate threats, etc. Additionally, it helps businesses stay proactive by identifying potential risks early and enabling timely corrective actions.

Advantages of using such a tool

A comprehensive dashboard can greatly enhance both operational and strategic management, providing real-time insights and improving overall business agility. Here are the key advantages of using such a tool:

• Operational management: controls the execution of tasks at the operational level and the implementation of an action plan – for example: the number of new customers for sellers, the level of absence from stock for purchasing services, the level of refusal from the call center, project management, a control panel for budget monitoring, risk management, etc.

• Running your business becomes “flexible”: efficiency is the key to success. With these decision support tools, appropriate corrective actions can be easily implemented if the situation requires it.

• Strategic management: it provides the management committee with a general vision of the company’s activities (turnover growth, number of customers, market share, profitability dynamics, etc.) and stakeholders.

How to build a “good” business dashboard?

There can be no question of manufacturing tools just like that. You can claim victory if the final product of your work is really used by its recipients, whether it’s you or your colleagues! That is why the whole team should take part in surveys to form and implement a new tool for your work because this way it will turn out to be really ideal for all of you.

So here are the things to consider:

Participation of future users in the design of the table and the selection of indicators;

For this to be accepted, it is important to involve them in the creation process. The risks of making a mistake (wrong choice, too much information, etc.) are significantly reduced. Also, since you are involved in the development of tools, custom assignment is natural. They still need to be really involved, and not impose their ideas at every stage.

• A limited number of measures aimed at the main focus;

First of all, do not overload the tables, risking making them unreadable. Some people say that all indicators should fit on one page.

• Undeniable results

With a transparent, simple, and understandable definition, without the possibility of dispute – a certain, specific perimeter.

• Indicators that allow you to act

A level of detail that is accurate enough to take action.

• Available data sources (for calculating measurements)

• A clear and convenient dashboard model that motivates you to use it as effectively as possible.

Conclusion

Of course, when a business dashboard is thought out to the smallest detail, it becomes an important assistant and a reliable tool for small businesses, which allows not only to clearly visualize important data but also to facilitate more effective decision-making. You should definitely try this tool to make up your own mind about it and apply it to your business.