The best way to quickly assess the performance of your business from both a financial and operational perspective is to use a “Management Dashboard”. The same way a car dashboard provides key information about the performance of the vehicle, a management dashboard provides key information about the performance of your business.
A typical management dashboard is a one page snapshot report with both financial and operational data. It provides a summarized view of the state of the business with key performance indicators and other metrics for measuring results. It utilizes charts, graphs, gauges and other visual tools to highlight areas where a business owner should focus. It visually illustrates trends and patterns that would be very difficult to uncover while reviewing financial statements or detailed line item reports.
A management dashboard should be customized to your needs as a business owner. It should report on the key information you need to make decisions. To best serve as a decision making tool, a management dashboard should be generated as close to “real-time” as possible. The insight this real-time information provides, empowers a business owner to quickly identify issues and change course where necessary.
A great dashboard develops over time. You start with the information that is critical today and adjust that information as your business grows and changes. A business consultant can help you design and implement a custom management dashboard or recommend one of the numerous dashboard software products on the market.