See what you can do with Excel to improve your business management. Also learn 7 Excel functions to optimize your work routine.
Being a business manager is having to deal with a great deal of information every day. This is why many business owners turn to working alongside Enterprise Resource Planning solutions, such as those erp for manufacturing companies, to help them run the company efficiently. Alternatively, business owners turn to other methods of planning and organizing. Not everything can be accomplished on the screen, so people like this business management consultant could be worth speaking to when it comes to specific problems when it comes to the more complex problems. Nonetheless, technology does have its place when it comes to organizing and managing a business so, with that in mind, we will show you in this article what you can do with Excel to manage your business data in a practical and strategic way.
Every day the market becomes more competitive, and we can say that this fact has as its main cause the way information circulates in this new digital world.
The digital age is the information age.
You, as a business owner or manager, have to deal with a large volume of information and data that comes to your desk every day. You might be up to speed with the latest technology and know your software inside out, but the large volume of information can’t be the simplest task. Some companies use Managed IT Support Melbourne, or IT support where they are based, to assist with the technology side of things regarding running a business. However, dealing with customer information or figures is something you as a business owner will want to be able to stay in control of.
Considering this, we have an important question to ask you:
How do you manage and organize so much valuable information? With paper and pen in hand?
If this is your case, I need to tell you that it is past time to retire this method, as it may be delaying you a lot in the market.
Understand.
Today you can count on complete tools to manage the diverse numbers and information of your business in a practical and strategic way.
And as you may know, the preferred solution among business managers is Excel spreadsheets.
This tool, which has become an integral part of most companies, has as its main advantage its versatility to assimilate and organize data, in addition to customizable formulas.
These functions allow professionals to have effective control over important business data, such as:
- List of sales leads;
- Project status reports;
- Invoice reports;
- Sales performance reports
Tools like Excel that make competitiveness among companies higher every day.
For this reason, professionals are constantly looking for new methods to become more competitive, using the most diverse solutions and innovations to leverage their own businesses.
So, what you can do with Excel is to achieve a more competitive advantage for your business.
And for that, working with well-prepared spreadsheets can be your differential.
So, let’s talk about Excel functions and benefits for managing your business.
What can excel do to improve the management of your business?
Excel spreadsheets have several features that allow you to organize, sort and even list the most important information for your company.
But for that, it is important that you know some specific functions that can greatly facilitate the assembly and operation of your spreadsheets.
And to help you with that, we’ve listed below 7 features that will increase the range of options on what you can do with Excel.
1 . You can do complex financial calculations
Excel spreadsheets have options that allow you to perform from the simplest calculations to more complex and specific formulas, such as:
- NPV – Net Present Value
- IRR – Internal Rate of Return
- Valuation
- Payback
All of this in an intuitive and practical way.
2 . You can use formulas according to the characteristics you define
This functionality allows you to have a variety of well-worked information in a single spreadsheet template created, according to the area or destination you determine.
You can create tables that add up values according to a predefined criterion, such as for controlling your employees’ sales, for example.
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Can record and execute recurring tasks automatically
If you use Excel frequently, you should know that some functions need to be performed more than once.
But to avoid wasting too much time on repetitive tasks, you can use the Macros function to make the spreadsheet run them automatically.
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It is possible to create pivot tables
Pivot tables are ideal for calculating, summarizing and analyzing a large amount of data, where you can quickly see comparisons, patterns and even trends present in the data entered.
In this way, you have more practicality in your analysis and also decision making. Which means more agility in the daily work and, consequently, greater competitiveness in the market.
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You can use formulas within formulas
Yes, you can create a formula within one that you have already made.
An advantage that makes you achieve even more surprising results, when calculating for example the average sales of a product within the formula of the company’s operating cost.
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You can create Dashboards that automatically update with postings made
If you love charts, Excel is the best tool to help you create that information.
That’s because it allows you to organize data and information through Dashboards, which are indicator panels that present the main KPIs present in your database in an easy and practical way.
In addition, Dashboards are super intuitive and easy to handle and view.
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It is possible to create a ranking of values
You can very well create a Ranking of services or products for different purposes, such as:
- Bestsellers
- Top rated
- More profitable
- More available.
In this way, it is possible to analyze the strengths and weaknesses of the sales sector of your business, in order to create new sales strategies and plans.
As you can see, what you can do with Excel depends on the business activity you intend to carry out, as spreadsheets are completely flexible.
Now see the main business activities where Excel can be used.
The importance of Excel spreadsheets in managing your business.
Today Excel is already an integral part of several companies, from the small ones to the main ones.
Due to its versatility, this tool is used for various purposes, by companies and businesses in different branches.
Even though it is used more for finance-related activities, Excel spreadsheets can easily be adapted to manage other branches of your business, such as:
All this due to the features that the program offers, which are improved with each new version.
Check out the main features of Excel focused on managing your business.
Work scheduling
Distributing work tasks to team members is one of the main functions of a manager.
And to do this efficiently, you can count on the Scheduling feature, available in Excel spreadsheets.
Basic Financial Accounting
As we said, Excel spreadsheets are great for facilitating the financial activities of your business.
Using automatic financial formulas, you can create a basic accounting program or ledger to track all financial transactions.
It is also possible to create monthly or annual graphs, for a clearer and simpler analysis of the financial performance of your business.
Product sales tracking
Through personalized spreadsheets, you can maintain complete sales control of your products,
This helps you to more efficiently plan strategies to optimize your sales, because you will always be aware of high and low sales trends.
Return on investment (ROI)
You can also track KPI’s important to your business, such as ROI (Return on Investment), creating spreadsheets with automatic formulas.
Through it, you have a clear indication of how many investments have been made in your business and how much is the profit obtained.
So, you can have the basis of how long it takes to reach equilibrium levels or additional profit.
Client’s data
You can also adapt spreadsheets to store your customers’ contact information.
Such information serves as a customer database for your marketing campaigns.
As you can see, there are several options on what you can do with Excel.
All this to help you in the accurate and assertive management of data related to your business, your sales, your employees and customers.
Excel can be a great competitive advantage for your business, as long as you apply its features in the best way.
But if you still understand that working with Excel is complicated, there is a solution that can help you leverage your results.
And best of all, through spreadsheets and Dashboards already ready to use, for you to just enter the data and monitor your business in the best way.
Know Excel Adnia Solutions spreadsheets.
We have a selection of ready to use Excel spreadsheets and Dashboards that are super practical, readable and easy to use.
Our specialty is the creation of customizable templates and high-quality spreadsheets, tailored to your personal and business needs.
Among the benefits that Adnia’s Excel Spreadsheets present, the following stand out:
- Models with professional design, high quality and visually attractive;
- Easy customization that can be done by you or our experts. You choose.
- Improve business impact with intuitive, easy-to-read reports and presentations with graphs and dashboards that facilitate decision making;
- Help and support after purchase
- Multilingual Models
Start saving time on your business processes today and streamline your data analysis and decision making.
Check out our solutions!
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You might also want to read:
05 powerful tips for your Excel spreadsheets to never crash!
The importance of Strategic Marketing Planning for your business.