From what I have seen, most business owners are waiting and reviewing their key metrics too late.
It could be the middle of the month and they’re reviewing last month. They are reviewing their P&L, their balance sheet, and their cash flow 15 days into the current month.
So what’s happened is, you’re reviewing the historical data and now you’ve continued to do the same things, right or wrong for another 15 days. And then it might take you five to seven days to pivot and make changes based on this data, in which case you’ve lost another month.
One of the things that we do with all our clients, we set them up with a real-time dashboard and that real-time dashboard is updating every 15 minutes. Provided the information going in is quality, then the reports and the data that they’re going to see are quality and they can make quick decisions. Quick data-driven decisions by simply logging in and seeing what’s going on. So many business owners rely just on gut feel, or they will rely on a spreadsheet but may not check the integrity of the data.
When I log into businesses Xero accounts, I sometimes see transactions aren’t reconciled, the bookkeeper’s behind, whatever it might be. So then as a business owner, you end up sort of putting your finger in the air and seeing which way the wind’s blowing and hoping you get it right.
But you need a compass to be able to guide you and direct you. And a dashboard gives you the relevant information in real-time that you can make decisions from.
Imagine you were a Pilot, flying a plane, and you’re looking at all the dials. And imagine if there was a 10 minute lag on when the information came through. If that was the case, you could be dead. And that’s the reality in most businesses. For most businesses, the lag time between when they’re receiving the data, interpreting it, and making decisions from it is far too long. Which leads you to make the same mistakes again and again.
So if you’re interested in learning how you can get a real-time dashboard, and implement it in your business, please let us know. Happy to help. We can guide you in the right direction.
It’s one of those things you can do yourself or we can help you with. But make sure that you have real-time information that you can make quick decisions from.
Remember when you have good information, you can make great decisions. When you have poor information, you are going to make crappy decisions. And what we want is to help you through this time, to make great decisions, data-driven decisions, so that you can make a decision with certainty, with confidence, and survive through this time.