REVIEW your business sales, expenses, profit and bank balance-monthly at a minimum. COMPARE the budgeted figures with the actual figures and analyse the variances. MANAGE your business by changing your business plan if it is wrong and implementing strategies to improve your business bottom line. QUESTIONS TO ASK YOURSELF: What value am I to my […]
Author Archives: Noelene Lake
The A.T.O. uses small business benchmarks to identify businesses that may not be reporting some or all of their income. Input benchmarks (income to labour and materials used) apply to trades people who undertake domestic projects and are responsible for purchasing their own materials. Performance benchmarks provide financial ratios for your industry that compare your […]
Analysing your business performance is valuable if you take action to improve your business results, however one trend by itself, is not that useful. If, for example, your employee wages are trending upwards, you need to also look at turnover, and profit; and then analyse the ratios of wages to profit. Doing financial calculations, and […]