Why Entrepreneurs Should Master Basic Excel
In today’s world, having basic Microsoft Excel skills is a necessity. Mastering Excel basics can benefit entrepreneurs in many ways, due to Excel’s widespread applications.
Here, we will detail some of the major uses of Excel and how it can serve you in your business ventures.
Most of you are very familiar with what an Excel spreadsheet looks like and have encountered it at some point in your careers.
From a cursory glance, it is easy to tell that Excel spreadsheets are an excellent means of data storage, management, and sorting.
The data that is stored in the cells can be sorted and filtered in many different ways based on parameters provided by the user.
Any business deals with data in some form or another. Excel allows entrepreneurs to store any data — from accounts, to merchandise, to phone numbers — and view and track it in an organized manner.
Due to its charting functions, it allows you to visualize data in many forms, creating different charts and analysis sheets. The powerful visualization tools make it easy for businesses to analyze and predict data, aiding with decision making at many levels.
Excel is also able to automatically sort, enumerate, and calculate data stored in one worksheet and project the summary of the data in another sheet. For large amounts of data, these functions can be extremely useful.
For entrepreneurs, Excel can create basic models that include sales forecasting, budgeting, and break-even analysis.
This is integral during the initial stages of a business, where constant financial monitoring is necessary to make informed decisions.
Now that you know some of the major uses of Excel, let’s talk about why it is significant for entrepreneurs.
For one, Excel is one of the most powerful tools out there, as it consists of many different functions integrated into one program. Second, Excel is one of the most widely used tools available.
For entrepreneurs, this means that exporting data and reports for collaboration internally and externally becomes a piece of cake.
It’s user-friendly interface and ability to handle both numerical and textual data make it an indispensible tool.
Utilized in many fields, from marketing and finance to fields like journalism. From students to professionals, anyone who has handled data will probably have used Excel.
Finally, Excel is extremely versatile. It allows users to export data to other programs as well, should they need to.
In light of its many virtues, a basic understanding of Microsoft Excel is something all entrepreneurs should have.
There are many different ways to get the learning started, ranging from free online classes that detail Excel basics to more specialized classes about particular aspects of Excel suited for specific types of business.
In terms of the usefulness of Excel, Micheal Tolkien, CEO of Merchant Exchange states, “Excel skills allow you to efficiently stay organized, which frees up more time for important things, like growing your business.”
Ultimately, entrepreneurs who wish to succeed should hone their Excel skills. Even though it does come with its limitations, Excel’s advantages far outweigh its drawbacks.
Its ease of use with minimal training, intuitive interface, ability to carry out complex calculations and modeling, and analytic and collaborative facilities make Excel a powerful tool for anyone at the start of their career.
It is certain that a slightly-above-average understanding of Excel will be a strong advantage to any entrepreneur looking to streamline future business processes.