In late 2018 Rifco was approached by a multinational beauty salon company, which was struggling to identify and monitor key performance indicators of business health. The company had over a dozen stores in four countries throughout South East Asia, and had been in operation for over 15 years. But regional economic downturn, coupled with an increasingly competitive marketplace, was leading towards to a potentially catastrophic financial collapse of the company.
After a detailed analysis of the business, and in depth discussions with key stakeholders, Rifco identified 12 critical metrics pertaining to important areas of the business, which were not being monitored and analyzed.
Rifco then set about creating both a Business Heath Dashboard, and a Business Trend Analysis Dashboard, so all key metrics could be easily tracked by all stakeholders online. Data was compiled within Google Sheets, as a web-based platform, and a combination of gauges and line charts were used to visually represent each metric.
Over a 3 month period, the General Managers of all four countries were able to closely monitor a range of areas of the business that were previously being ignored. As a result of the online visual dashboards, the business saw more than a 20% improvement in performance in 3 countries, and a 36% improvement in growth in the flagship country. Consequently, the business now enjoys financial security, and vastly improved transparency in all key performance areas, with the GMs able to login from anywhere in the world to check the health of the company.
The setup costs for the creation of both Business Dashboards, as well as ongoing technical support, equates to less than 1% of gross monthly profit of the company, and the President has stated that without Rifco’s assistance, the company might well be in liquidation at this point in time.
“We were in trouble, hemorrhaging money on a monthly basis, and we were struggling to identify the areas we needed to focus on to fix our problems. Rifco helped us identify the problems, and monitor the solutions. Our new online dashboards are easy to use, and give us insight we did not have before. Thanks Rifco! Your Business Dashboards are a game-changer.”
Rifco offers a professional service, which enhances transparency and monitoring of business health for management personnel, with a keen focus on specific key metrics. If your business could use improved data monitoring, and increased growth, please contact us today for more information about Rifco’s customized Business Dashboards.