Pierre Eau Business Strategy

A business success dashboard is a computer based reporting application that displays your key business metrics in gorgeous colourful graphs that all but smack you in the face with startlingly practical insights about how to boost your business success.

No longer do we need to rely on black and white printed sales reports choking with numbers arranged in columns and rows. Ick! You can’t get powerful insights from looking at numbers arranged in tables – it’s scientifically proven, so don’t bother arguing!

The really exciting and cool thing about business success dashboards is that they take the guesswork out of your decision making.

Dashboards put right in front of you the bare facts about show-stopping results like how well your marketing is attracting profitable leads, how easily you can convert a lead into a customer, what your customers like and don’t like, where you’re wasting time in your business and how healthy your cash flow is.

But as a small business owner or entreprenuer, you’ll only give your time to setting up your business success dashboard if it’s fun, fast and profit-building. So here are 7 dos and don’ts to make sure your dashboard is:

1. DO start with just a few business metrics, like profit, revenue, cash flow, new leads, website visitors – whatever you’re measuring and tracking now. DON’T wait until you have worked out all the measures that matter for your business: it will take forever, you’ll get bored with it and you’ll be missing profit pumping opportunities from the measures you already use.

2. DO use basic tools you already have – like Microsoft Excel – until you get into the groove of dashboarding and using your business metrics to manage your business. DON’T invest in flashy software until you know how you want your dashboard to serve you.

3. DO use simple line charts to display your measures so you can see trends over time – the trends are more important than the points. DON’T compare this month to last month, or do any other two-point comparisons like this – you never see the real trends or get any real insights this way.

4. DO include Pareto charts to dig into your data, such as to show you the 20% of marketing campaigns that bring 80% of your customers, or the 20% of sales that bring 80% of the revenue. DON’T ever use pie charts – they absolutely suck when it comes to giving you any kind of useful information from your data.

5. DO let form follow function, and only include the measures that matter to your business, and the graphs that best reveal those measures’ trends and insights. DON’T go all Picasso on it – limit your creativity to choice of colours, not to find out how many forms of bling you can build into it.

6. DO use your dashboard weekly, to look for clues about the best ways to ramp up your business results. DON’T lose the discipline of regularly tracking, testing and tuning your business – sure, the dashboard will only be one input to managing your business but it’s an essential input.

7. DO get help from someone who’s really ofay with Excel and graphs, or someone who is experienced with measuring and tracking. DON’T rely on dashboard software people who can’t demonstrate skills in choosing meaningful measures and displaying them appropriately (they usually get carried away with pretty but useless guages and dials). DON’T freak out trying to do it yourself either – the difference that a business dashboard will make to your success and sanity is too valuable.

TAKE ACTION:

If the Dashboard Fairy granted you a wish to instantly dashboard 3 measures of your business success, which 3 measures would you choose? What are the 3 most important results that have the most leverage to increase your profits, and improve your work-life balance? Now set up the world’s simplest dashboard using Excel, to start tracking those measures. And finally, commit to taking at least one action to improve the results those measures reveal to you.

Poor financing is the number two reason small businesses fail, falling right behind poor management. Sufficient funding is paramount to the success of small businesses, and small business grants can be the answer to the problem. If business owners have the necessary knowledge about how to find and properly request grants, they have a better shot at creating a successful business that will be open longer and prosper.

There are over 300 different grants and loans available for small businesses that are just starting out. The grants range from $25,000 up to $1,000,000 depending on the size and projected success rate of the business. There are also grants available to help small businesses grow or expand. Grants are not the same as loans because they do not have to be repaid. A grant is considered free money, as well as an investment to promote the success of small businesses and the U.S. economy. Money for grants comes from income taxes. Obtaining a small business grant does not require credit checks or deposits, even if the owners have experienced bankruptcy in the past.

There are a number of helpful websites that send small businesses government grant packages for free, excluding the cost of shipping. These packages include information on how to find grants, how to prepare a grant request, and how to apply for grants pertaining to a specific business. Some of the providers are Government Funding Solutions, Grant Master, and Grant Wizard.

It is important to be familiar with the Small Business Administration’s (SBA) rules for receiving grants before beginning the process of obtaining one. Although the SBA does not provide grants to small businesses, they do provide helpful suggestions and resources on how to find grants.

In order to qualify for a small business grant, individuals must first become familiar with the 13 CFR 143 document that lists all of the requirements to be eligible for a grant. This document includes information on the pre-award and post-award periods and defines all aspects of applying for a grant and states who is eligible. The CFR is the primary source of rules and regulations for small business grants and must be read before starting the grant writing process.

After reviewing the requirements, prospective business owners must write a grant request. There are professionals who will write a grant proposal or the individuals may complete it themselves. The Catalog of Federal Domestic Assistance is a helpful site that links individuals to resources about federal grants for small businesses. Afterschool.gov gives helpful tips on how to write a small business grant and, although it is geared toward grants for after school programs, includes helpful information for grant writing in general.

Additionally, there are many well-established government and private organizations that provide grants to small businesses. The Department of Justice’s Ten Grant document gives access to grant opportunities for those conducting research in support of law enforcement. The Department of Labor’s Employment and Training Administration has several grant opportunities for small business owners. They offer about $125 million to businesses that are based in a community setting with special attention to training programs. The Department of Transportation is another organization that offers small business grants. They offer grants to any business willing to help resolve the growing problems with the federal-aid highway program. The Department of Education has a program called e-GRANTS that locates electronic grants online. They have a detailed list of grants available and the necessary applications to fill out. There are a variety of grants available for different groups, all of which have detailed descriptions and contact information. Other organizations that provide small business grants include the EPA, the National Cancer Institute, NOAA, the National Endowment for the Humanities, and the U.S. Department of Health and Human Services.

There is a lot of talk about corporate responsibility and the environment. Individuals are tiring of the onus being placed on them to change the world. Have shorter showers, water your garden less, switch to green power, change your light globes, car pool, take reusable bags to the supermarket, and recycle. All of these are necessary but pale in comparison to the damage being done by big business and industry.

But what about small business?

Somewhere in between large corporations and the individual, lies small business. Australia, a country of about 21 million people, incredibly has over 2 million small businesses. In the US approximately 99.9% of all business is small. The ecological impact of these cannot be ignored.

It is easy to assume that large corporations are, by the nature of their large profits, less ethical but is this actually the case? Large corporations have large reputations to protect. Often it is more cost effective for big business to invest in environmental impact minimisation than to clean up the mess afterwards. They also have the capital to invest in changing technologies to not only utilise the green machine but to actually profit from it, directly through carbon trading and indirectly through marketing with a social conscience.

So where does small business fit in and what can be done? The answer is very little or a lot. It depends on your business model, your business goals and your values. The advantage that small business has over a large multinational is fewer layers of bureaucracy and more transparency. Big business generally has a board of directors that need to be convinced, then a feasibility study conducted before changes can be implemented. As a small business owner you can conceive it and implement it virtually simultaneously.

Here are some of the things you can do:

- Recycle. Seems simple enough but you may have to find different depots for your various waste such as paper, plastic, printer cartridges, batteries, computers and other electronic parts.

- Switch to paperless billing. It is resource intensive to print and deliver paper. It is also time consuming and unreliable.

- Switch to a Green Power company that derives its energy from renewable sources that do not pollute.

- Reduce water consumption by ensuring your business has dual flush toilets and water efficient taps.

- Choose energy efficient vehicles for your business.

- Choose sustainable suppliers. Research suppliers whose ethos includes environmental sustainability. The potential for eco-conscious small businesses to support each other is large and underestimated.

- Donate to charities. Really any charity is a positive step but a charity that is aligned with your business practice or goals serves to reinforce those values.

- Become Carbon Neutral. This does not simply mean paying for an offset for bad business practice or paying for the right to pollute, this means establishing the carbon footprint of your business, then reducing emissions as far as possible. Once a minimal emissions target has been met the residual emissions can be neutralised by the acquisition of offsets.

The changes that you make may depend on your local economic landscape but have the potential to impact locally and globally. Small business is more important than ever and has a responsibility to future generations.