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Home » Grow Your Business

How to grow your business (part 6)

Get reliable management information

Now, more than ever you need fast and accurate management information. You need to know what’s hot and what’s not. What costs are rising and what costs are going down.

It doesn’t matter whether you are a 10,000 person multinational or a 1 person start up. You need to know what drives your business so that you can do something about it.

This is the 6th post in the 10 part series, ‘How to Grow Your Business’. If you’ve missed any of the previous articles, don’t worry. You can catch up here.

Decision making needs to be based on facts and decsions needs to be made faster.

10 ways to create an information dashboard

When designing your information dashboard, you need to think about the following:

1. First of all, you need to have a think about what areas need to be managed.

2. How will you receive this information?

3. Who will put it together?

4. Where does it come from – what’s the source?

5. What’s your degree of confidence in the information? How accurate is it? How accurate does it need to be?

6. Are you focusing on the management of cash?

7. Who are the decision makers and how often are they updated in order to make decisions?

8. Are you only looking at the past? To what extent will your systems give you a view of the future?

9. Thinking of the last big issue your business faced,  could your information dashboard have predicted it and therefore mitigated it much sooner?

10. Can I see all the information clearly at a glance?

Does your business have an information dashboard?  If not why not?  What does it contain?

Please share your thoughts in the comments section below: