Financial Dashboards – Capture Attention, Create Conversations, Drive Results!
Does your information presented at board meetings go in one ear and out the other? According to recent reports, the human attention span is now shorter than a goldfish, down from 12 seconds to a measly 8 seconds. What the Fox?!
It’s now trickier than ever to capture the attention of your stakeholders. And without their attention how do to you establish buy-in and encourage action?
There has to be a better way!
Enter financial dashboard style reporting. Charts. Graphs. Visuals. Infographics. With a little illustrative razzle dazzle, your board members are paying attention. Better yet, they can quickly see your overall financial position. Gone are the days of reviewing tedious financial statements and boards of directors are thrilled!
Ruth McCambridge, Editor in Chief of the Nonprofit Quarterly explains it best, “A well designed dashboard shows whether a nonprofit is making headway on its critical variables… it organizes and focuses conversations.”
So, what do you include on your dashboard? Well, ask yourself what drives the success of your organization? Do you have defined strategic objectives that are measurable? You might measure quantity of memberships or donations, clients served to date, cash on hand, program income budget vs actual, annual revenue by source, restricted vs unrestricted funds, and so on. The possibilities are endless – the question is: what key information matters most to you and your management team?
Our team at Blue Fox builds dashboards for clients upon request. Some are more extensive and others are one-page snapshots. Customization is key and no two organizations have exactly the same needs. The common factor is that our clients present interesting, concise, actionable data to their stakeholders to make their board and management meetings truly useful moments.
About: Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email hello@yourbluefox.com, and visit www.YourBlueFox.com.
Resources:
Nonprofit Quarterly & FMA, How to Build a Dashboard for your Nonprofit: A Critical Strategic Tool Reveals Itself
Time, You Now Have a Shorter Attention Span Than a Goldfish, Kevin McSpadden
