Tool Box

Issue No. 33 - February/March 2007

Finance tools essential to peak performance

by Mr Shayne Bakewell

In an increasingly competitive marketplace, many businesses struggle to maintain business performance, let alone improve it.

But with careful planning and the right processes in place, it is possible to improve your business performance.

The key is understanding what drives the success of your business and recognising that both financial and non-financial factors are important.

The next step is to measure the performance of your business – both the overall performance and the performance of individual divisions.

All businesses, regardless of size or industry, should learn about performance measurement and the impact it can have on efficient business management and profitability.

Performance can be measured using different methods and criteria, but generally businesses use a few key performance indicators. Examples of KPIs that are important for measurement include:

•Gross profit margin percentage

•Average revenues per customer per ...

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