Changing market conditions mean that it is essential to monitor the performance of your business regularly. A business performance comparison will take account of both financial (e.g. KPIs) and non-financial indicators (e.g. SWOT Analysis) to gauge your business’s performance against key objectives and to flag up any aspect of your business that could be improved.
Cashflow – compare your forecasted sales and profits against your costs to highlight any problems before they arise
Profitability – highlight areas for growth as well as underperforming aspects of your business
Accounting Ratios – discover whether your business has sufficient assets to cover its liabilities
Staff – consider how well your staff are meeting their targets, reflecting the values and ethos of your business, adhering to protocol etc.
Customers – measure your customer retention, identify your customers’ changing needs and any improvements to your product or service
Benchmarking – measure your company’s performance against its competitors