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Gauge charts are a type of data visualization that is used to display data in a graph or other visual format. Gauge charts are often used to display data that is time-sensitive, such as stock prices or weather conditions. Keep reading to learn more about how gauge charts work and how they can be used to visualize data.

How can you use a gauge chart?

A gauge chart is a great way to track progress and performance over time. If you’re wondering how to use a gauge chart, you can use it to track anything from website traffic to product sales. To create a gauge chart, you first need to decide what you want to track. Once you have decided on your metric, you can begin to create the chart. The first step is to create the data that will power your chart. This data can be in the form of a table or a spreadsheet. Once you have your data, you need to create the chart itself. To create the chart, you will need to create a series of data. These data points will represent the progress or performance of your metric over time. Once you have created your data points, you need to create the chart itself. This will involve creating a series of circles, with each circle representing a data point. You will then need to connect the circles with lines to create the chart. Once you have created your chart, you can add labels and customize it to your needs. You can then use your chart to track the progress or performance of your metric over time. You can also use it to help you make decisions about how to improve your metric.

What businesses can use gauge charts?

There are a number of businesses that can benefit from gauge charts. A few examples include:

• Manufacturing companies can use gauge charts to track the progress of their production lines, ensuring that all machines are running smoothly and that output is on schedule.
• Hospitality businesses can use gauge charts to track on a computer in their workspace the progress of their cleaning and maintenance schedules, ensuring that all areas of the business are kept clean and in good condition.
• Transportation businesses can use gauge charts to track the progress of their delivery schedules, ensuring that all deliveries are made on time.
• Retail businesses can use gauge charts to track the progress of their inventory, ensuring that they always have enough stock on hand to meet customer demand.

What are the benefits of gauge charts?

There is no one definitive answer to this question, as the benefits of using gauge charts can vary depending on the specific needs and goals of the user. However, in general, gauge charts can provide a number of advantages over other types of visualization methods, including the following: The charts are extremely effective at conveying comparisons and relationships between data points. The charts can be used to quickly and easily compare multiple data sets. Gauge charts allow users to focus on specific data, making it easy to identify trends and patterns. Gauge charts can be used to track progress over time. Gauge charts are compact and easy to read, making them ideal for displaying large amounts of data.

How are gauge charts presented?

Gauge charts are graphical representations of quantitative data. They are similar to bar charts, but the bars are replaced with circles, and the widths of the circles are proportional to the values they represent. The use of a gauge chart can help to quickly and easily compare values. There are several different ways to present gauge charts, and the most appropriate way to present them will vary depending on the data that is being displayed.

A gauge chart is important because it allows the viewer to see how a particular value changes over time. This is helpful for viewing trends and making comparisons. Overall, gauge charts are an important tool for data visualization.

If you think that all businesses make cash management their top priority, think again. A whopping 82% of businesses fail because of cash flow mismanagement. If such a large percentage of companies fail because they can’t manage their cash during good times, that percentage could only get worse during a recession. 

Small businesses and new businesses are at a greater risk of failing during a recession than companies that have a firm financial footing. But there is hope. With a bit of prior planning, companies can recession-proof their business and survive tough economic times.

1. Take control of your cash flow and protect it

To be able to control your cash, know your numbers. Thoroughly understand your cash inflow and outflow. Cash flow is the life of your business and as long as it exists, money must continue to flow in and out of your company no matter the economic conditions. Your objective is to ensure that the amount of money coming into your company is more significant than what leaves.

You can ensure more cash flow by increasing sales and billable services and at the same time, cutting back on unnecessary expenses.

2. Invest in public liability insurance

Lawsuits could end up in the loss of several millions of dollars or even the closure of your business.Suppose you are into the tree service business and decided to invest in public or general liability insurance for tree service. You protect your customers, yourself, and your small business and prevent money from being lost on costly litigation. Public liability insurance is designed to protect small business owners like you from costly litigations sued by your customers, the public, or even your suppliers. You also need to see how criminal investigations into your corporation can affect your business.

When investing in public liability insurance, keep in mind that not all insurances are the same. There are several insurers and each one offers variations of this insurance. Check this article for information on how to choose the best public liability insurance for your business. You can also visit Quote Radar’s public liability insurance page to compare quotes: https://www.quoteradar.co.uk/public-liability-insurance/

3. Review inventory management

Cut back on costs whenever and wherever possible, without cutting back on the quality of the goods/products sold. Here are some ways you can do this and save money:

• Stop ordering excess of items and get rid of obsolete inventory. Instead, set up an automatic re-order on your logistic software for when stock gets low and not before that.
• Shop around for suppliers who will provide your requirements quickly at a lower price.
• Keep inventory costs down by speeding up supplier lead times.
• Choose alternative shipping services like drop-shipping so you can eliminate shipping/warehouse costs.

4. Build several revenue streams

Have multiple revenue streams. That way, you can ensure you maintain your income even in an economic downturn. With revenue coming in from many sources, your business can stay flexible and withstand any shifts that might be necessary for the future. Here are some revenue stream ideas that you might be able to add to your business:

• Incorporate services like affiliate marketing, monthly/recurring membership subscriptions
• Provide business services like one-on-one consultation services
• Generate more revenue from ad revenue and sponsored content
• Offer metered services, product subscriptions, or product subscriptions

5. Ensure your financial records are in order

According to an Australian survey, a business’s survival depends to a large extent on timely and accurate financial records. 

The basic requirement for a small business to succeed in uncertain economic times is good accounting records. It’s effortless for business owners to turn a blind eye to their financial records. So, ensure your financial records are up to date and accurate at all times. These records provide vital information to grow your business and monitor KPIs.

Many companies invest in accounting software beyond their understanding, skill and requirements that further complicates their accounts. If you use accounting software, ensure you understand how it is to be used, meets your needs and is kept up-to-date at all times.

There is no single solution to make your small business recession-proof but there are steps that you can take to ensure that you have control over your cash during challenging economic times. If you incorporate these tips well in advance, you can even hope to make profits even while an economic slump hits businesses around yours. The first step is to analyse how your business is currently doing and then making improvements.

Reference

BizCover. 2020. 5 Tips for Getting the Best Public Liability Insurance for Your Business. [ONLINE] Available at: https://www.bizcover.com.au/5-tips-for-getting-the-best-public-liability-insurance-for-your-business/. [Accessed 2 September 2020].

How times have changed since last summer. With flights being cancelled, borders being shut, and having to self-isolate when going to or from certain countries – the current situation doesn’t exactly lend itself to international travel. However, this doesn’t mean you have to stay locked up at home. With restrictions slowly being lifted and businesses reopening up across the country, there is plenty you can see and enjoy from the UK.  

Tourist at Home 

Whether you’re craving a city break, or you want to get out into nature – the UK has got you covered. If you’ve lived somewhere you’re whole life, the chances are you’ve never treated your home country like a tourist destination. Well, now is the perfect time for you to do just that. You can explore the coast lines, the capital, or even go camping. One of the best things about the UK is how easy it is to travel, especially thanks to its trainlines. With Grand Central Rail you can get exactly where you need to be.

Stay Safe

There are a number of things you can do to stay safe while travelling the country. Wear a mask for the duration of your journey on public transport. Try and keep two meters apart from those around you. Wash your hands regularly and if you don’t have access to a sink, it’s a good idea to carry around a bottle of hand sanitizer with you. You will have heard these rules time and time again but for a very good reason. The current guidelines in place not only to protect you, but everyone around you. They’re small things but they make so much difference.

Small Steps

Everyone is responding to lifted lockdown restrictions at their own pace. You may have noticed some people jumped at the chance at being able to go back to a pub, whereas others still get nervous having a friend over in the garden. You might feel a pressure to start doing everything now, after not being able to do much for so long. It’s important to take small steps and feel confident, rather than do too much too soon and set yourself back. You don’t need to compare yourself to others, you should do what you’re comfortable with.

Whenever you make the decision to travel, make sure to follow the safety guidelines in place and you’re happy with your plan. When you’re ready, where would you like to travel next?

Stand up paddle boarding is all the rage these days, and with pretty good reason. Of all the water sports options out there it’s easily the most accessible for beginners, making it the perfect pick up and play option for those looking to get out on the water in an active but relaxing way.

Even with that pretty gentle learning curve, though, there are still a few things you need to know about getting into the world of SUP. Here are our top five starter tips for wannabe paddlers.

Choose the right board

Choosing the right board comes down to a variety of factors: how you’re going to use it, how it’ll fit your body and how you want it to handle when you’re on the water. There are plenty of physical characteristics to consider, from the shape of the board through to volume and capacity and any extras and accessories you might want with it.

In fact, there are an awful lot more questions that you might think when it comes to picking paddleboards, so we’d recommend finding an in-depth guide to get you started.

Find the right spot

One of the great things about SUP is that you can paddle almost anywhere, but finding a quality spot – as in a place or two that can be your favourite locations to go out and paddle, will be key to helping you develop your skills and fall in love with the hobby.

A good place to start would be to join an SUP club or SUP social, or use this map of UK SUP spots to find some established locations that are great for paddleboarding.

Make the right moves

Learning to move around on your SUP correctly will be a key part of your early learnings in the hobby. You’ll want to find out what stance works for you, whether that’s neutral, hybrid or a full surf stance and get to grips with the best balancing techniques to keep you on the board.

It’s not a bad idea to get a few lessons to start you out with all these fundamentals, and there are plenty of SUP instructors out there ready to help you get up and running. 

Learn to fall off

Falling and hitting the water is a natural part of just about any water sport you can think of – and it’s certainly something you’ll need to get used to as a SUP beginner. The key thing to learn in this regard is how to fall off and get back onto your board properly.

As a general rule, feet first into the water and away from your board is best, while it’s easiest to get back on your board at the centre. If you pick up a few lessons to get you started, your instructor can walk you through the art of falling and recovering safely.

Stay relaxed

Perhaps the simplest tip of them all, and maybe one easier said than done for newbies, is to relax! Paddleboarding is made to be a chilled exercise where you can head out on the water and enjoy the views and the motion of the ocean. The sooner you can learn to keep cool on your board, the quicker you’ll get to grips with staying on your board and being able to enjoy the world around you – which is what SUP is all about.

New to SUP? Don’t be afraid! With a great community of paddleboarders in the UK and loads of ways to get into the sport, you could be up and running before you know it.

The coronavirus pandemic has sent the UK into a deep recession. During lockdown, businesses were forced to close, leading to millions of pounds of lost revenue. For SME’s it’s been particularly challenging, with many struggling to get the help they need.

Banks have been turning down SME’s for funding, leaving them with no choice but to look for alternatives. So, what alternative support is available for small businesses during the pandemic?

Image via Unsplash

The cash advance

One type of finance that’s been helping small businesses get back on their feet is a cash advance. A cash advance from Nucleus can help tide the business over until they get paid. It is based on future revenue and you can typically borrow a set percentage of your credit card sales.

There are a lot of different cash advance options out there, so it is vital businesses choose a reliable provider or you may have to get out of it.

Fintech

Something else that’s been helping MSE’s during this time is Fintech. Businesses have been forced to adapt to a new way of working, developing more flexible business models.

While Fintech doesn’t provide financial support, it does bring in new ways of earning. It also helps to develop better customer engagement, increasing sales. Retail businesses have particularly made use of Fintech technology to help them get back on their feet.

Investments

Unfortunately, a lot of businesses have been forced to sell during the pandemic. However, many have found that bringing in investors has helped to save them from going under.

Even in today’s climate, there are still investors looking to grab a bargain. Small businesses have therefore been able to attract investment, helping to keep them afloat while the economy recovers.

Other options out there

Although many businesses have been left frustrated by the lack of support available, there are a lot of alternative options. Crowdfunding is a popular choice for businesses looking for attractive interest rates. Capital finance and grants have also been available throughout the pandemic.

Having these alternative options is a lifeline for many businesses. As banks turn down hundreds of business owners, alternative finance can provide the support needed.

As you can see, there is a lot of help out there for businesses throughout the Covid-19 crisis. While it is certainly a challenging time, it is also providing opportunities for SME’s, particularly in terms of growth. Being forced to adapt to different ways of working is helping businesses to identify new opportunities.