Excel Experts: Why do you need them?
Let’s face it. The life of an e-commerce business owner isn’t exactly a walk in the park. With all the different aspects of the business to think about from product sourcing, inventory, customer service and social media, one can get totally overwhelmed without the needed help.
We’re just talking about the major aspects here by the way. Within these aspects lie several other different tasks that needs to be taken care of like graphics, CRM and bookkeeping to name a few.
As a business owner, you naturally want the best for your business but along with this desire comes the more problematic attitude of wanting everything to be perfect because once you reach this point, you’d rather do everything yourself than let others do it for you and we all know that this is a recipe for disaster.
While you may know how to run the business and have general knowledge of everything that needs to be done to keep it running, you can’t possibly be an expert in all of them.
There will definitely be people who know these tasks better than you and are considered experts.
One of the major skills required to run an e-commerce business successfully is that of having someone who knows how to use Excel. You need someone to take care and keep tabs of the numbers unless you want to start losing money.
You need it for inventory management, forecasting, and reporting to name a few.
Excel tasks are tedious and let’s be honest, numbers can be overwhelming too. As a business owner, you need excel experts to take care of these things because your time and attention are needed for more important matters.
Managing inventory, monitoring stocks and dealing with price changes can take hours of your valuable time. It will give you headaches if you’re not aware of the features that can make these tasks easier and manageable which is not good the business because you need to have a sound mind if you’re going to make tough decisions.
So what can excel experts help you with? How can they contribute to the success of your business?
When you’re running an e-commerce business, you’re dealing with large sets of data especially if you have thousands upon thousands of products listed in your inventory. It’s going to be tough to go through each of these data if they are not organized.
Excel experts can help organize data so that you don’t have to look for items as if you’re looking for a needle in a haystack. They can also help break these data down to file templates or make the adjustments based on your requirement.
When you’re dealing with numbers, formulas aren’t far behind and excel experts come in handy when it comes to this department because they can make what looks like an overwhelmingly huge computation into something much simple, it won’t even take you five minutes to get the results you’re looking for.
They can help you generate averages, minimums, maximums, if statements and so much more which will come in handy if you’re dealing with data from several months or years even.
Making Graphs and Charts
Graphs and charts allow you to see how your business is doing without going through the numbers. It gives you a better idea of where you are by giving you a general view of how your business is performing (or underperforming for that matter). Being aware helps you plan better.
This is one of the important things excel experts bring to the table because they can present you the numbers and trends visually. While generating graphs and charts may seem simple, the presentation and analysis these excel experts provide are what you’re really paying for and yes, they are worth every penny.
Generating Business Reports
One of the most important contribution excel experts provide along with graphs and charts would have to be that of generating business reports. Like graphs and charts, business reports lets you in on how your business has been performing on a monthly, quarterly or yearly basis.
Just like in any endeavor, keeping track of your performance is key because your action or inaction to poor performance (as well as the good ones), can spell your business’ success or failure.
How to Merge Data
When you’re in e-commerce, there will be times when you will be required to combine large sets of data from different sources and if you’re going to do it the old fashion way (manually that is), it’s not only going to be frustrating, it will also be counter-productive.
Using the VLOOKUP function, excel experts can help you combine such data in a matter of minutes. The bigger bonus is that you’ll be getting results that are not only accurate, they’re also organized for easier analysis.
Why would you want to do this process manually and still commit errors when you can have it done easily and error free?
Forecasting and Projection
As a business owner, you want to stay ahead of the competition by analyzing your present data and making forecasts and projections. This is where the IF function comes handy.
Unfortunately, it’s not as basic and easy to learn like the other excel functions. You will definitely need the help of excel experts in making this work. Making your analysis depends on another variable may require complicated formulas and if you don’t have advanced excel knowledge, things can get messy.
You don’t have to go through trial and error to make that happen when you have a dependable hand who knows how to effectively use the IF function to your advantage.
Analyzing and Summarizing Data
When you’re running a business that covers multiple regions and products, it will make your life a lot easier if you can get summaries of sales per product, per region, or per country even. It can help you concentrate and improve on your perceived weaknesses.
Pivot tables do this for you and if you have excel experts who have advanced knowledge of pivot tables and how to use them more efficiently, your business is sure to go a long way.
Wouldn’t it be amazing if you can order your data/inventory by number, size, color, profitability or by which still remains on stock?
Thankfully, it is possible and excel experts can easily do this for you with the use of the SORT function. Having data presented to you this way can help you make decisions on which products to reorder and which products to stop selling which will save you a lot of money in the long run.
Why would you continue ordering products that doesn’t sell? It’s easier to keep track of these things with an expert around.
One of the reasons why you need excel experts is because you need to be able to automate some of the cumbersome, day-to-day activities either by using a predefined series of steps or by putting code that will get these tasks done by the click of a button.
If you can get someone who’s good with macros, your life is going to get a lot easier because you don’t have to go through a series of tedious, manual steps to accomplish something which saves you a lot of time and effort.
With everything we’ve mentioned, it is obvious that hiring excel experts increase productivity because their knowledge and expertise helps you generate results without going through several time-consuming steps to accomplish a particular task.
Keeping track of inventory, sales, and overall profit are not simple tasks and if you decide to do them without sufficient knowledge and expertise, you’ll end up wasting so much time that you’d rather spend with more important aspects of the business.
With an expert in tow, complicated tasks get simplified with automation and overall familiarity with the software itself. Unlike someone who just “knows” Excel, experts know how to use each functionality within the program effectively and efficiently. No time is wasted in short.
Hiring excel experts may cost you a considerable amount but the comfort and profit they can bring your business are definitely worth the cost.
Inventory in itself is already a complicated matter which requires time and a keen eye on details to properly maintain them. Things will be much simpler and less prone to mistakes when you’ve got someone who can create formulas or organize data in a way that makes the complicated less complicated.
The same can be said with regard to reporting because this is where you will base your next plan of action. It’s where you will base the strategies and decisions for you to generate more sales and increase your profit.
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Noel Rosos is a personal development writer, motivational speaker, entrepreneur and founder of Life’s How You Live It, a personal development blog dedicated to helping people live the life they’ve always dreamed of. He is also a writer/contributor for Arianna Huffington’s wellness site, Thrive Global. He is an affiliate marketer, a full-time husband and father, and a self-proclaimed FAILUROLOGIST.