A business dashboard is a powerful, yet simple tool that can be used to check the pulse of your trucking business efficiently and effectively. Let’s dive into what a dashboard looks like for a trucking business, our recommended dashboard tool, and why you should be incorporating one into your own business.
What is a dashboard?
A business dashboard is an essential tool for any organization as it provides a real-time, visual representation of key performance indicators (KPIs) and metrics. KPIs are measurable values that help businesses and organizations track their progress toward achieving specific goals or objectives. KPIs are used to evaluate the success or effectiveness of different aspects of a business. Some businesses create dashboards for different functions of their business such as sales performance, marketing, or production.
Not all KPIs are as important or relevant to all businesses. As a small trucking business owner, a few KPI’s that are crucial to your business include your average cost per mile, average rate per mile, total expenses, loaded miles, empty miles, total revenue, safety record, and fuel costs by month/quarter/year. To read more about different trucking-related KPI’s, check out our other blog post here.
Why should you use a dashboard?
Here are some reasons why using a business dashboard is important:
Provides a quick snapshot of performance: A business dashboard offers a consolidated view of data from multiple sources in one place, making it easy for you to get a quick overview of your company's performance. In your case, it may be a dashboard feature included in your trucking business spreadsheet that captures your mileage, expenses, revenue, etc.
Facilitates data-driven decision-making: By presenting real-time data and KPIs in a visual format, a business dashboard helps you make informed decisions based on real insights about your business.
Improves collaboration and communication: A business dashboard can be used to share information across teams, departments, and even the entire organization. This helps ensure everyone on your team is on the same page and working towards common goals.
Identifies opportunities and areas for improvement: A business dashboard can highlight trends, outliers, and anomalies that may indicate opportunities or areas that need attention. This helps you to take proactive measures to capitalize on opportunities and address issues before they become significant problems.
Increases accountability: By monitoring KPIs and metrics, a business dashboard can help hold individuals and teams accountable for their performance and progress toward goals.
A business dashboard is an essential tool for any organization looking to make data-driven decisions and monitor the health of their business.
Our Recommended Dashboard Tool
There are a number of dashboard tools out there at different price points. Luckily, we’ve created the The Definitive "All-in-One" Trucking Business Spreadsheet which is...well, an all-in-one spreadsheet for your small trucking business! The workbook includes a detailed business dashboard that features key metrics to monitor your business's health such as your average cost per mile, expense and revenue totals, and more. With formulas already built-in, tracking expenses, revenue, trip details, and miles is easy! The spreadsheet also makes IFTA (International Fuel Tax Agreement) quarterly tax reporting easy by calculating your total miles and tax-paid gallons. You will also receive a BONUS Tax Deduction summary report based on your specific operation. This is a turn-key spreadsheet ready for you to use instantly!
Ready to START, DRIVE, & ACCELERATE your trucking business? Check out our course here!
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Soshaul Logistics LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. It is meant to serve as a guide and information only and Soshaul Logistics, LLC does not assume responsibility for any omissions, errors, or ambiguity contained herein. Contents may not be relied upon as a substitute for the FMCSA's published regulations. You should consult your own tax, legal and accounting advisors before engaging in any transaction or operation.