Summary
Summary Analysing non-financial performance
- Institution
- WJEC
Summary notes for analysing non financial performance.
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Analysing non-financial measures of business’s performanceNon-financial measures of performance of a business allows whether it is doing well. Analysing the
non-financial performance of a business allows for a much greater insight to the performance and
trends likely to affect its success. However, this cannot be used on a standalone basis as financial
methods have to also be used to get an accurate insight to the overall performance of the business.
Customer reviews:
+see opinions of customers hence can make changes to meet requirement of customers’ needs and
wants.
-can cause bias in reviews for example, family, friends are unlikely to criticise the business due to
relationships.
Customer complaints:
+looking at customer complaints can allow a business to find a common issue in the business to
which needs to be improved.
-some may leave fake complaints/reviews.
Customer attitude surveys – can be taken either through quantitative or qualitative methods to
assess the views of customers on a range of issues such as product quality or customer service. The
aim of customer attitude surveys is to allow the business to consider its strengths, weaknesses and
to look at ways of better meeting its customer expectations.
Employee attitude surveys – These surveys can look at staff satisfaction on a range of issues such as
their role, their pay and their manager and senior managers. This can also be used to assess their
training and development needs, the environment they work in, and their perceived career
prospects.
Advantages:
See opinions of employees to help solve problems. Also, it can act as a welfare scheme
between managers and employees to see common issues in the workplace.
Identify low morale, this can then allow the firm to put in training or schemes to help boost
motivation to then increase productivity.
Allow for change to benefit employees and help them gain better working conditions.
Disadvantages:
May give false feedback if the survey isn’t anonymous which in turn would be a pointless
exercise to carry out as it would make no change in the workplace.
Managers must understand that its no just a tick box exercise and must encourage
employees to write down their actual needs/problems.
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