Use the free Business Best Practice Benchmarking Toolkit to find the strengths and weaknesses in your business practices, identify the key gaps that are holding your business back and develop your own business improvement plan

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Financial Management

Financial management covers the systems and processes that an organisation uses to oversee and manage its income, expenses, and assets with the objectives of maximising profits and ensuring sustainability.
 
Unfortunately many SME business owners neither understand or pay attention to the valuable information to be gained from their financial management systems.
 

What are the benchmarks of best practice financial management?

BEST PRACTICE BENCHMARK: We have annual and monthly target Gross Profit goals that we work towards each month and throughout the year.  #financial-management

BEST PRACTICE BENCHMARK: We understand the true costs of our products and/or services, which enables us to accurately review our return on completed sales each month.  #Financial-Management

BEST PRACTICE BENCHMARK: We monitor our overhead costs closely and have active programs in place to improve expense levels where possible. #Financial-Management

BEST PRACTICE BENCHMARK: We have strong debtor management processes which ensure that Debtors either pay on time, or are quickly flagged for collection actions to ensure payment.  #Financial-Management #Risk

BEST PRACTICE BENCHMARK: Funding options: we are fully aware of the range of government grants, working capital, business finance and cashflow finance options available and we take advantage of those which are best suited to our situation and business. #Financial-Management

BEST PRACTICE BENCHMARK: Our financial management processes ensure that we always have sufficient funds available to comfortably manage day to day operations, deal with unforeseen emergencies and budget for future developments.  #Financial-Management #Risk

Best Practice Financial Management Resource Library

Each item in the best practice Financial Management library has been included to help you achieve best practice on one or more of the benchmarks of best practice Financial Management.

Benchmarking Best Practice Debtor Management

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Why is it important to ensure that you...

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Benchmarking Best Practice Funding

This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes.  You can find the links to the full series here.   Why is it important to be fully aware...

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Reducing Sales for Profit Growth

Deep down, behind just about every business is a simple desire…to make money. Profit, cash, bottom line - whatever you call it, is what the clear majority of business owners are seeking - yet the bulk of their focus is on sales or revenue growth. Now don’t...

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Use the free Business Best Practice Benchmarking Toolkit to find the strengths and weaknesses in your business practices, identify the key gaps that are holding your business back and develop your own business improvement plan

Click Here To Start ≫

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