By - Ankit Sethi
The term 'Excel' is arguably associated more with a spreadsheet that comes with virtually uncountable features like easy computation and basic to sophisticated graphing capabilities than it is with its dictionary meaning where the term is categorised as a verb. That said, however, there could be a reason why the former is called Excel, perhaps because in the modern world, no business, small or big, can manage to thrive without using the software.
Microsoft's spreadsheet tool is over three and a half decades old, but unlike many other ‘game-changing’ technological advancements of those times -- including pager and basic feature mobile phones -- it has easily managed to survive (read thrive) to this day. Excel is indeed excelling and enabling growth of enterprises that are ably using the innovation.
Listed below are five reasons why any entrepreneur -- operating a small to medium business or a big enterprise – should adopt this software.
It is always rewarding to have things properly organised, preferably at a scale that is not too big to handle. Excel has the power -- which is undeniably the software's biggest appealing factor -- to bring widely distributed things on a single page. The entrepreneur using spreadsheet can quickly know what the sales pipeline is, whether the progress toward the target is on track or not, how much more time remains for the company to meet delivery goals, whether the workforce -- at each level -- is meeting short-term goals or not, and so on.
What a smartphone is to a watch or a camera is what a spreadsheet is to tools like calculator. Entrepreneurs must know the exact numbers to make any course corrections that are needed in short to medium term. What is the total cash inflow? Excel has the information right away. What's the outflow? Excel has that too. How does the past years' financial performance compare with current levels? Excel has that calculated. Future projections? A spreadsheet indeed has it. Excel has, in fact, all numbers related to revenues and expenses, calculated and organised.
Products like Sales Pipeline Template by Gong add to the existing powers of any spreadsheet -- be it Microsoft's Excel or Google Sheets. The industry for customisable services -- which enhance the capabilities of traditional spreadsheets -- is, in fact, a powerhouse in itself. The Sales Pipeline Template, for example, enables entrepreneurs to immediately realise micro details like whether the business can meet near- to long-term revenue targets or not. The tool provides clear visibility over every step, thereby fine-tuning the sales strategy.
A business always has limited resources. Operating costs are as critical an element as gross revenue, simply because arriving at the profit or loss figure is impossible without having both the numbers. Excel is so light on pockets of even a micro-level business, with such unmatched revenue-generating capability, that having it as a part of operations is preferred by even the most conservative entrepreneur. Besides, customisable tools like Gong's Excel Sales Pipeline Template also come free.
Technologies usually have an inherent tendency to become redundant. For example, one of the biggest inventions ever, the internal combustion engine, is facing a survival threat from electric mobility. Spreadsheets seem immune from anything new. The reason? It is because market participants like Gong are adding contemporary demands to the tool. The Sales Pipeline Template empowers the entrepreneur to keep tabs on the sales pipeline, to identify and repair any cracks, thereby adding transparency and enabling prudent decision making.
Summary
Businesses and spreadsheet are inseparable. Better, a sustainable business and a customisable spreadsheet are inseparable. Over the past so many decades, spreadsheets have grown from being the basic computation and data tracking tool to becoming the biggest driver of growth. An entrepreneur cannot imagine using a piece of paper with sales and revenue figures scribbled over it for complete records and quick access to them is the prerequisite to prudently devise strategy.
All that said, a spreadsheet is usually the first contact between the business and stakeholders like a new client or an investor. A customised spreadsheet using tools like Sales Pipeline Template can leave a lasting impression.