Understand the profit drivers and key performance indicators
In order to manage and direct your business you need to understand your key profit drivers – the things that will determine the profit of your business. Things like profit contribution and breakeven analysis are fundamental to business management.Establishing KPIs that are relevant for your business will enable you to have daily indicators of success (or failure). Monitoring your business against KPIs and benchmarks will enable you to take prompt action to maximise your business potential.Business Guide – The ABC of business
