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The importance of having a startup KPI Dashboard

The importance of having a startup KPI Dashboard

When you’re in the startup phase of your company, there are a million things that you have to worry about. One of our customers described it as “like being an octopus, and it’s insane all of the time.” Another said: “Every day there’s a million loose ends, and each of those loose ends represents a customer.”

With so much going on, it’s nearly impossible to get everything done that you need to get done; so the last thing that you need is wasted time, energy, or money.

Unfortunately, you may be experiencing all three of those things.

A study by Harvard recently estimated that “bad data” costs U.S. businesses roughly $4 trillion per year. These costs can be hidden across missed opportunities, extra costs, and loss of productivity.

If you’re not careful, these “bad data” costs can cost you your entire company. The U.S. Bureau of Labor Statistics shows that 20% of small businesses fail within their first year, with the number jumping to 50% by the end of their third year, and peaking at 70% within 10 years.

How to avoid “bad data”

We put together a spectrum to help our clients understand data journeys and where they fall on the spectrum at any given time called the “data maturity spectrum”.

Praxis Metrics Data Maturity Spectrum

As you can see above, everyone starts their journey as a start-up, where their data focus needs to be gathering and collecting actionable data. This can be accomplished through focusing on tracking, defining standard operating procedures (SOPs) and key performance indicators (KPIs).

Once you have your SOPs and KPIs outlined and defined, you’ll generally find yourself entering a phase that we like to call “spreadsheet hell”.

Almost every business will enter this phase at one point or another. This phase is characterized by each employee having multiple spreadsheets that they use in order to track and report on their KPIs. Eventually these spreadsheets morph into something completely unmanageable, with complex pivot tables, needing to be constantly updated, and breaking frequently.

It’s generally during this time that our clients start to look for a service like ours to help them automate their data collection and analysis.

Unfortunately, by this point, they will likely have already added to the total losses due to “dirty data”. Between human error and loss of productivity, they may have already incurred massive costs.

Take one of our clients, Get Bats Out. They had a full-time position that existed just to help them aggregate their data and organize it in spreadsheets. When the person in the role left, it left them with a huge gap in their business.

They decided that it was time to start automating their data aggregation, so they turned to Praxis to help them in this effort.

We were able to help them fully automate their data aggregation, and eliminated the need to hire for that role, saving the company more than $60K in annual overhead.

After that, we were able to help them build out custom dashboards that helped propel them even further forward, with the CEO saying, “My operations manager is now able to do their job with just 3 dashboards. He lives in there!”

This is not an uncommon occurrence; just look what the co-founder of Brand Builders Group said:

How we do it

After having helped more than 150 businesses, from startups to SMBs and even enterprise clients, we found that the questions that they were asking were almost always the same. So, we decided to take those questions and build automated dashboards that helped answer those questions quickly and efficiently.

That is how we came up with our advanced insights dashboards. We took the most important and common KPIs and metrics that our clients asked for and automated the process as much as possible. Thanks to this automation, we are now able to offer these KPI dashboards to startups at our lowest prices ever.

These dashboards aggregate the most important startup KPIs and metrics in one place, answering the questions that you need answered in order to properly scale your business successfully.

With our Startup Metrics Package, you get access to our incredible Digital Sales dashboard that provides you with insights across your business; from subscription analysis to repurchase rates and timelines, from revenue projections to customer lifetime value cohorts and analytics.

Check out everything that this dashboard includes here:

Or you can demo the dashboard for yourself here.

Additionally, this Startup Package also includes our Paid Media dashboard that includes must-know startup metrics like cross-platform ROAS, cross-platform CPAs, and Creative Insights.

And you can see everything that this dashboard includes here:

If you’re ready to take your startup to the next level, our KPI dashboards contain all of the metrics that you need in order to scale your business profitably, and eliminate wasted time, energy, and money from within your organization.

Check out our pricing page to see how easily you can get your hands on these amazing startup dashboards.