If you run a startup and have ambitions to grow, it can be useful to convince investors of your potential. An important part of this is having a well-organized dashboard. And no, it doesn’t have to be an expensive system! In this blog, Tjitze explains why dashboarding is so important and how you can use it to effectively present yourself to financial parties.
What is Dashboarding?
Dashboarding is the process of collecting, visualizing, and interpreting key data in a clear overview – a dashboard. This allows you to quickly gain insights into your company’s performance and support strategic decisions. Tjitze explains:
“When presenting to an investor, you need to not only pitch your idea and solution but also make it clear how you’re going to make money with it. Investors want to know that you have a firm grip on your finances and that you understand precisely what’s important for your success.”
The first question when setting up a dashboard is: what exactly do I want to know?
Tjitze emphasizes the importance of setting specific goals from the start. If my company is successful: what does that look like? A good dashboard provides insights into both financial and non-financial goals. Tjitze explains: “Often people remain vague in their approach: ’Just measure as many things as possible,’ or they think ‘we’ll report on costs and profits.’ But if you don’t focus on specific goals, you won’t achieve your success. That profit should be the result of achieving your objectives.”
Choose a fancy system
Set up a dashboard with your specific goals and make sure to regularly review it. ‘How are we performing compared to our objectives?’. A dashboard doesn’t have to be a fancy tool – an Excel spreadsheet can work perfectly, as long as it helps you monitor and evaluate your goals clearly.
Stay Focused!
“It’s about having clear goals,” says Tjitze. “Whether you pull that data from Excel or a nice PDF, investors can see through the fancy presentation. The most important thing is that you can demonstrate that you know where you’re heading and can objectively determine if you’re achieving your goals.”
Tjitze encourages using the OKR method (Objectives and Key Results). This method helps in setting the most important goals for your company and linking measurable short-term goals to them that will help you achieve success.
Measure, Evaluate, and Plan
Once your goals are set and measurable, it’s important to evaluate regularly. “Schedule a review, whether it’s weekly, monthly, or biannually – find what fits your business. Then ask yourself: do you think you’ll achieve your goals? If the answer is yes, great, keep going. If the answer is no, it becomes a discussion point: what will we do to still reach the goal? This ensures you constantly confirm you’re on the path to success.”
A Helping Hand
If you’re struggling to get concrete goals on paper or if your team can’t agree internally, Tjitze assists companies – whether starting or already established – with setting up dashboards through business consultancy that goes beyond financial figures. In one or more sessions, he asks critical questions and helps clarify objectives. “It’s best if an internal employee takes over the process and handles the monitoring,” says Tjitze. “Sometimes I stay involved to keep asking the critical questions and ensure the company stays on track.”
Want to know more about how Enbition can help your company with dashboarding and project management? Get in touch with Tjitze!