When Clark Kent runs to a phone booth and emerges as Superman, a competent, mild-mannered news man begins using an entirely different set of skills to save the world. These days, phone booths are a rare sight, but you don’t need one to develop business super powers. By embracing the capabilities of spreadsheets, you gain skills that help you wear the many hats (or capes) that you need to run a successful business.
You are already well versed in providing your goods or services to happy customers, but any business requires you to be equally adept at planning, organizing, analyzing, reporting and countless other activities. So, update your superhero wardrobe and toolkit by replacing your many hats with a single spreadsheet cape that helps you super-charge your capacity to handle any type of business task (although I don’t recommend going with the superhero look of wearing your underwear over your pants).
Here are a few great ways that you can use spreadsheets to “save the day” in your business.
Handling Administrative Tasks Faster than a Speeding Bullet
Like me, you probably view administrative activities as the evil villain in your business day. How many of your filing cabinets contain nothing but time sheets, expense reports, travel advance requests and other forms that your employees use to keep track of administrative issues? And how many employees spend countless hours checking the math and making sure that these forms are complete?
Spreadsheets to the rescue! When you switch from paper to spreadsheets for your business paperwork, you can release floor space for better uses than paper filing, while freeing employee time (or your time) for more valuable tasks. Since my college days, Microsoft Excel has been my spreadsheet of choice (which may explain why the company is now one of my clients), so that’s what I recommend. Microsoft Excel provides an amazing array of helpful templates when you create a new spreadsheet. Heck, they provide over a dozen templates just for employee time sheets. But on the off chance that you cannot find the template you need, you can probably find it online on Microsoft’s Templates page. Browse these templates to get inspired on how you can streamline your administrative duties.
Planning and Reporting with X-Ray Focus
Spreadsheets make planning and reporting easier, more accurate and more collaborative. By building in assumptions and using formulas for calculations, you can easily test different scenarios, such as what happens if you were able to generate a cost reduction for a key client or what happens if you doubled your revenue. By copying the current year’s formulas, you can also project future years without having to recreate the wheel each time, which saves you time. And your customers, lenders and accountants won’t need X-ray vision to find or understand the information that they need.
And, of course, templates are available to help you create everything from startup business plans to just about any type of financial report that you can imagine, so you don’t even need to create them from scratch.
Use the Power of Charts and Graphs
Analyzing data can be valuable for companies to see trends and deficiencies. Whether you have one client that is accounting for too much of your business and creating additional risk, or a continual increase in your expenditures of professional services, sometimes it is easier to see with the visual presentation of charts and graphs. Using spreadsheets, you are just a few clicks away from converting that dry data into colorful charts and graphs that instantly make data evaluation a snap.
Not only do charts and graphs make it easier for you to analyze data, they are great for transforming presentations as well.
Whether you do it all in your small business or even if you have the luxury of delegating number crunching to an employee or two, your business needs consistent, accurate and professional-looking information to grow and prosper. I hope that you will use these suggestions to replace drudgery with productivity. Then, continue the adventure by finding many other ways to use spreadsheets to make the switch from mild-mannered business owner to business superhero.Tags: Accounting, Administration, business tips, Finance, Productivity, Reporting