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Business growth is one of the critical metrics businesses track closely.
And this is because conversion rate and revenue growth are the lifeblood of businesses. To keep track of business growth closely, you need the best charts at your disposal.
Yes, you read that right.
Double Axis Line and Bar, Tornado, Pareto, and Radar Charts are tested and proven charts for visualizing growth in your business.
Excel seems to be the logical tool to use to track business growth using various dimensions, such as revenue growth and conversion rates. However, the application has very basic business growth charts (mentioned above).
And this implies you’ve got to spend hours editing the charts to align with your goals.
Worry not.
You can supercharge Excel’s usability by installing a particular add-in. The add-in has ready-made and visually appealing business growth graphs, such as Radar and Tornado Charts.
In this blog, you’ll discover:
Definition: A business growth chart is a visualization design you can use to track the performance of various key metrics of your brand over time.
There are multiple metrics you can track using the visualization design, such as:
Research shows that we interpret visual content 60,000 times faster than texts and numbers.
This is why sales teams often use business growth charts, such as Double Axis Lines and Bar graphs, to highlight trends and patterns. In the coming section, we’ll address the following question: why do you need a business growth chart?
Business growth charts can improve productivity and efficiency in the workplace. In other words, you can leverage data to predict risks, such as declining productivity.
Also, you can use them to track productivity metrics in real time. With a solid business analytics strategy, you can easily point out gaps and improvement areas in your business.
In today’s world, customers have a broader range of choices.
If your business is aligned with the customer’s desires and expectations, you can easily find yourself in a downward spiral. Customers change their minds as they are continuously exposed to new information in their purchasing journey.
With the vast amount of data, it’s practically impossible for you to make sense of all the changes in the market.
Business growth charts, such as a Tornado Graph, provide answers about the market’s changing behavior. Using charts, you can easily point out significant shifts in tastes and preferences.
Timely awareness of the change in customer behavior can be the decisive factor in the current competitive landscape.
A majority of businesses are still betting on intuition rather than facts and data.
One of the key reasons for this could be a lack of access to quality data to back up decision-making processes.
Business charts can help you distill signals from noise in your raw data. This can save massive amounts of time.
Decades ago, you could easily sell customers a standard set of products and services.
Today’s market craves products and services that can meet their individual needs.
One of the benefits of business charts is that they can help you track your target market’s tastes, preferences, and needs. You can leverage data from various attributions, such as social media and websites, to create a reliable persona for the market.
In the coming section, we’ll address the following question: which chart type is best suited for presenting business growth?
Below is a list of tested and proven visualization designs you can use to display business growth insights.
This visualization design is one of the best-tested and proven business growth charts you can use to display performance insights.
It uses two axes to easily illustrate the relationships between two variables with different magnitudes and scales of measurement.
The relationship between two variables is referred to as correlation. Dual Axis Bar and Line Chart illustrate plenty of information using limited space, so you can discover trends you may have otherwise missed.
A Tornado Chart you can use to compare two contrasting variables.
The chart has two contrasting colors to show the differences in the metrics under investigation. The diagram above shows the performance of online vs. in-store purchases of various products in inventory.
A Pareto (one of the business growth charts) is a graph that indicates the frequency and their cumulative impact.
The chart is useful, especially in hunting for defects or perfections to achieve maximum overall improvement. The purpose of a Pareto Diagram (one of the different types of charts and graphs for representing data) is to separate the significant aspects from the trivial ones.
The Pareto Chart is based on the classic 80/20 rule. The rule says that 20% of the causal factors result in 80% of the overall outcomes. For instance, 80% of the world’s total wealth is held by 20% of the population.
This easy-to-read chart prevents you from attacking the causes randomly by uncovering the top 20% of the problems, negatively affecting 80% of your overall performance.
A Radar Graph is a two-dimensional chart showing at least three variables on an axis that starts from the same point.
The business growth chart is straightforward to understand and customize. Furthermore, you can show several metrics across a single dimension. The visualization design is best suited for showing outliers and commonalities in your data.
In the coming section, we’ll cover how to create a business growth chart in Excel.
One of the options available to you is plotting the graph manually, which is incredibly time-intensive. Download and install a particular third-party add-in into your Excel to access ready-made business growth charts.
There are thousands of add-ins purposely designed for Excel. To simplify things, we tested many data visualization-based add-ins.
We narrowed down our results based on the following factors:
The Excel add-in that met all our conditions is ChartExpo.
The tool comes with ready-made charts that need minimum editing.
Let’s take a closer look at ChartExpo.
ChartExpo is an Excel-based add-in with an ultra-friendly user interface to ensure that any professional can visualize data, irrespective of their coding or programming skills.
In the coming section, we’ll show you how you can access ready-made and visually stunning business growth charts.
This section will use a Radar Graph (one of the tested and proven business growth charts) to display insights into the table below.
| Flavors | Quarters | Sales |
| Strawberry | Q1 | 336 |
| Strawberry | Q2 | 562 |
| Strawberry | Q3 | 629 |
| Strawberry | Q4 | 138 |
| Vanilla | Q1 | 912 |
| Vanilla | Q2 | 578 |
| Vanilla | Q3 | 297 |
| Vanilla | Q4 | 194 |
| Mango | Q1 | 203 |
| Mango | Q2 | 916 |
| Mango | Q3 | 400 |
| Mango | Q4 | 196 |
So, what are the pros of using a business growth chart?
Business growth charts are vital, especially when crafting data stories for the top management. Top management can use data presentation charts, such as Radar, as a backdrop for their decision.
Presentation charts, maps, and graphs are powerful because they simplify data by making it understandable & readable at the same time. Besides, they make data stories compelling and irresistible to target audiences.
Large files with numbers are usually hard to read and make it difficult to spot patterns easily. However, many businesses believe that developing visual reports focused on creating stories around data is unnecessary; they think that the data alone should be sufficient for decision-making.
This could be further from the truth.
Visualizing supports this and lightens the decision-making process.
Thanks to business growth charts, you can interpret vast quantities of data in a clear and cohesive way to draw conclusions and see perspectives.
If any of the aforementioned metrics have anomalies – i.e. Sales are significantly down in one region – decision-makers will easily dig into the data to diagnose the problem.
Data visualization can help you recognize emerging trends and respond rapidly based on what you see. Such patterns make more sense when graphically represented; charts make identifying correlated parameters easier.
You can use business growth charts, such as Radar Graph, to build dashboards and turn them into stories.
Why?
Data storytelling can help you connect with potential readers and audiences on an emotional level.
We naturally process visual images 60,000 times faster than text. A graph, chart, or other visual representation of data is more comfortable for our brain to process.
Thanks to our ability to easily interpret visual content, business growth charts can dramatically improve the speed of decision-making processes.
A growth chart or business growth graph typically uses a line graph or bar chart to display the increase in key business metrics over time, such as revenue, profit, or market share. It visually tracks progress, helping to identify trends and growth patterns.
Double Axis Line and Bar, Tornado, Pareto, and Radar Charts are tested and proven charts for visualizing growth in your business.
ChartExpo is an add-in for Excel that’s loaded with insightful and ready-to-go business growth charts. You don’t need programming or coding skills to use ChartExpo.
Sign up for a 7-day free trial today to access ready-made business growth charts that are easy to interpret and visually appealing to your target audience.
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