I’ll admit it, Spotify Wrapped inspired this newsletter.
Looking back at 2024, one item topped the list of most-requested items in my business: the dashboard.
What’s a dashboard?
It’s a one-page summary of the most important money numbers in your business, that’s updated on a weekly or monthly basis so it’s always current.
Why would you want one?
Because there’s this guy in my mastermind group who’s crushing it, and he’s got one…
It’s funny because it’s true!
You may have noticed that lots of busy people with successful businesses have a dashboard, because it’s the most convenient and efficient way to stay on top of your finances.
What’s so great about it?
The dashboard is better than a “normal” financial report that just tells you the number, because a dashboard also tells you:
- What you’re shooting for
- If you hit that target or not, and
- Whether you should be concerned about it.
Why is that important?
Context matters.
Cash balance is on every dashboard I build, so we’ll use it for this example.
Say you have $100,000 in your business checking account.
For some clients, that’s more than a whole year’s income.
Nice! You’ve got options to consider to make best use of that cash.
For some clients, that’s less than one week’s payroll.
Eek! Better figure out how that happened and make some changes before you start bouncing checks.
What’s the takeaway?
Knowing what to measure, how to measure it, and why it’s important for your business is a game changer.
Because the truth is, financial freedom doesn’t just happen while you’re not paying attention.
Now cash in the bank is a simple example that most people could easily find on their own.
But many other metrics take more legwork to measure … and then there’s the hurdle of setting targets that make sense.
That’s where people get stuck. (If you have a vague idea what marketing ROI is, but how to calculate it using your actual numbers is a mystery, you know what I mean.)
So, as 2024 comes to a close, I invite you to think about what would be on your dashboard. If you’re not sure, reach out and let’s talk about it!
