When planning your business’s finances, a KPI dashboard will make visualizing your goals and progress easier. However, you need to effectively set up an easy-to-read dashboard that makes seeing your progress at a glance simple. Keeping your KPI updated weekly allows your business to keep it current as you move toward the goals. Here are some tips for setting up your KPI dashboard to get the most from it.
What Is a KPI Dashboard?
KPI stands for “key performance indicators.” What makes a KPI dashboard significant is its ability to see your company’s progress on specific goals and performance metrics. Every company will have different information on their KPI board because few companies use the same set of parameters to monitor success and growth.
Why Your Company Needs a Weekly KPI Dashboard
By setting up a weekly KPI visual, you can readily see progress. The more progress toward your goals that you can visualize, the more motivated your workers can feel. Additionally, because individual KPIs will affect others, you need to see them together, to make adjustments to improve efficiency.
Making small changes weekly will reduce the effort needed to integrate the required changes. Plus, you can constantly see exactly which metrics are moving toward your goals and which need improvements.
Which KPIs Should You Include on Your Dashboard
There are some common financial KPIs that many companies have on their dashboards. If the following are important metrics that reflect your business’s performance, consider incorporating them into your dashboard:
- Revenue growth or concentration
- Profits over time
- Working capital
- Income sources and percentages of the whole
However, the above suggestions are only a few of the options that you have. Your company may want to also include sales, expansion, performance in other branches, or similar measurements of success.