Optimization of an existing Small Business Dashboard
About this project
So after 6 months since i helped my spouse build a dashboard for her business, link to my LinkedIn post regarding same can be found here...
Back then, one of my recommendation was for the business to keep and record more data about its operations particularly as it's relates to its operational expenses, as the only record collected then was transactions record only, this didn't allow for rich insights to be generated from the data analysis.
However, the above recommendation has thus far been adopted and followed, and as a result of this, more insights have been revealed, and KPI's such as,
- Profit Margin
- Operating Cost
- Operational Expense Ratio have been developed, which will help steer the course of the business towards more growth.
These KPI's will serve as a compass for evaluating the business strategies, whether they should be discarded, adjusted or consolidated upon to achieve business goals and objectives.
After analyzing 6 months of operation in year 2023, some interesting insights have been revealed and my recommendation this time around is for the business to have a control over it's operational cost, which will inturn reduce it's Operational Expense Ratio.
A target of not more than 60% operational expense ratio has been set for the business, if this target can be achieved, then the target of 40% Gross Profit Margin, which is currently lagging by c. 9% can be achieved.
Remember "Where there is Data Smoke, there is Business Fire" - Thomas Redman.
