Why financial dashboards matter for your trade business
Financial dashboards give you a snapshot of critical information in your trade business. Each piece of information you have about your business, can be thought of as pieces of a puzzle. All the pieces together will provide a complete picture. Still not convinced of why financial dashboards are one of the most important things for your trade business?
Here are 4 more reasons that’ll definitely change your mind:
1. Save more time
Generating financial reports is a tedious task. Not to mention, the amount of time required to fully understand the figures. With a financial dashboard, reports are generated automatically once you have provided the required data. This saves yourself and staff a lot of time and increases overall productivity.
2. Visualise your data
Financial dashboards illustrate key pieces of financial information in a graphical format making it easier to understand. It’s an easy way to get a large overview of the business. As a result, you are able to visualise large amounts of financial data that will help determine appropriate actions for your business.
3. Improved visibility
With a dashboard, you will know exactly what’s going on with your trade business. You can monitor all of the important metrics including the number of invoices sent, the sales targets and the gross profits. More importantly, all of these metrics can be shared to anyone with permission to view the dashboard for easier collaboration.
4. Increased profits
No one couldn’t have expressed it better than GoDaddy founder Bob Parsons when he said: “Measure everything of significance. Anything that is measured and watched, improves.” When you know which areas in your business need improvement, you will naturally work harder and focus more of your time to improve those areas which in turn, will result in increased profits in those areas.
Whether your financial dashboard is manually built through a spreadsheet program or through a dashboard software, it becomes easy to visualise the essential metrics that every trade business owner should know.
Interested in learning more about your trade business financials?
- Join our Kick-Ass Tradies Facebook Group, for access to trade business specific conversations, tips and resources, plus a like-minded community of tradies.
- Book a 15-minute Game Plan Call with Andy, owner of Dr. DRiP plumbing and co-founder of Lifestyle Tradie, to clarify your priorities and get clear action steps.