It is essential to plan and tightly manage your financial performance. In North Tyneside we've piloted a system of Business Health Checks to support settings in monitoring financial trends. The check consists of a series of indicators that assist owners in monitoring performance systematically, by collecting data for each indicator on a monthly basis. This is recorded against the result for the previous months, thereby identifying trends and allowing remedial action to be taken before anything escalates to crisis point.
The main indicators, though not all, include:
- Occupancy total percentage - compares the fees due for a month against the total possible fees for a month. A decreasing occupancy trend should be a cause for concern and the impact on sustainability investigated without delay.
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