Managing a business is not easy. You need to track the sales, do your accounting, keep inventories, etc. The good thing is spreadsheets can help you with these tasks to save your time.
Below are the four most useful spreadsheet formulas that every small business owner or entrepreneur should know.
Table of Contents
The SUMIF formula is perfect for spreadsheets with categories. It lets you sum the values in a range that meets specific criteria. This formula has the syntax:
SUMIF ( range, criterion, [ sum_range ] )
Take a look at the image below. We took the following steps to get the total sales amount for all the Samsung phones sold.
Fot this example the final formula should look like this.
= SUMIF ( A3:A18, A4, B3:B18 )
Alternatively, you can just also type “Samsung” for the criterion.
= SUMIF ( A3:A18, “Samsung”, B3:B18 )
As you can see, the answer shows up above the formula even before pressing Enter.
Now, what if you want to get the total number of sold pieces from a specific category? COUNTIF is the perfect formula for that. It counts the number of cells based on the criteria you set. Its syntax looks like this:
= COUNTIF ( range, criterion )
Let’s go back to the example above and count the number of Samsung phones sold. To do this:
Your formula should look like this:
= COUNTIF ( A2:A18, A4 )
Conditional formatting is used to make your data be easily read and analyzed. You can use many formatting options such as highlighting texts, changing the font size, and applying different styles.
To do conditional formatting:
In the example below, I have formatted the price of Samsung phones to be color red. You can apply your own formatting style and even add more formatting rules. Through this way, you can easily see which are priced at 999 and which are not. This makes it easier to analyze your spreadsheet data.
The VLOOKUP function saves you time by allowing you to look up information across multiple sheets. The syntax of this function is shown below.
= VLOOKUP ( search_key, range, index, [ is_sorted ] )
In the example below, I looked up the price of the Samsung phone using VLOOKUP.
Learning these formulas will help you manage your business more efficiently. You can now look at your spreadsheet data and not be overwhelmed because you know how to organize it. Take a look at some of our other business blog content to help you run your company as effectively as possible.
In the fast-service restaurant world, being first and staying ahead on the latest technology trends…
Leather jackets have been a significant part of fashion ever since they first came on…
Facing business debt is a common but daunting challenge for entrepreneurs. It often seems like…
With the world's energy landscape continuing to change, providing safe and economical means of energy…
When it comes to cooling your home, fans are an energy-efficient option. Directional airflow from…
Educational institutions have embrace digital transformation, online learning has become an accepted cornerstone of modern…
This website uses cookies.