One of the biggest mistakes business owners make when they need to improve their profitability and cash flow is to dive right into the details of how to either increase sales or how to identify specific expenses to cut.
They start with tactics rather than strategy.
It is a natural tendency to dive into the details, but in my experience, it usually leads to very little—if any— improvement in profitability. The wiser approach is to take the time up front to consider what you are really trying to accomplish when you are thinking about improving your profitability.
One of the things I love about Microsoft’s Power BI tool is how easy it makes it to create a cool dashboard and get it up and running fast.
Anytime you are learning something new, it is super-helpful to get a quick win under your belt. With Power BI, once you prove to yourself that you can create your first dashboard quickly, you can then choose to dive into the more powerful features of the tool and discover the almost endless ways to visualize your data and turn it into shareable insights.
In my last article, we talked about how a new breed of Business Intelligence software is making it possible to create powerful dashboards without designing and maintaining a sophisticated data warehouse.
The changes going on in the Business Intelligence (BI) world are making it easier than ever before to create some fun dashboards and visual representations of data that get people’s attention and help them make better business decisions.
Learn how others do it. Download our guide to growth.
I love using cool dashboards to drive financial results in a business. It is the ultimate tool for a forward-thinking CFO to use data, to create visual insight, and to help drive financial improvement.
In my last article, I showed you a cool, interactive dashboard and demonstrated how easy it is becoming to create dashboards that are available anytime, anywhere, from any device. A new breed of Business Intelligence tools is radically simplifying what used to be a complicated and expensive process to implement.
In my first article in this series, I talked about the “secret sauce” for turning your financial goals into reality in business.
Let’s look at an example of a company that implemented this approach and how a simple, interactive dashboard helped them monitor the metrics that matter in their business.
We all know that having goals is the key to success in life. It’s the same in business. Financial goals plus focus equal results.
With a new year about to begin, now is the perfect time to identify one to three financial goals (targets) and get serious about making them happen.
Managing cash flow in a manufacturing business is complex. There are an amazing number of interconnected processes and decisions that impact revenues, profitability, and whether you have the cash you’ll need to survive and thrive (in good times and in bad times).
One of the larger drivers of that complexity in a manufacturing business is inventory.
I look at inventory as a necessary evil. Necessary in that you need inventory on hand to manufacture your product and sell it to customers. Evil in that it’s a huge cost driver… and holding inventory can be a big drain on your cash flow.
Many entrepreneurs and CEOs have come to believe that accounting is a cost center that was never intended to add value at a higher level. As a result, they tend to expect very little from their accounting department when it comes to helping them achieve their vision and strategy for the company.
Topics: Accounting & Finance