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FTM Business Template - Health Check Finance

FTM Business Template - Health Check Finance

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Published by SofTools Limited

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Published by: SofTools Limited on Jul 10, 2009
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03/02/2011

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© SofTools, 2009. For more information on related products and services, visitwww.Fast-Track-Me.com or contact us at:info@Fast-Track-Me.com 
HealthCheck Finance
Business Template
What is a HealthCheck?
The Finance HealthCheck template provides astructured method for assessing the current statusof the Finance area of your business based onindustry best practices.
Why is it relevant?
As industries become more competitive survival isabout doing more with less whilst still deliveringagainst customer expectations at a level thatexceeds the competition. To achieve this you need
to: 1) understand what ‘best practice’ looks li
ke, and2) understand your current performance
 –
ideallyagainst the competition.
 
Who needs to be involved?
The HealthCheck is completed by all those that areresponsible for performance in this particular area of the business, but ensure you seek the views of allthose involved
 –
even if you do not agree with them.Stakeholders may mainly be internal to the business,but ensure that you get an external perspectiveinvolving the views of key customers and suppliers.
When should you use it?
Make the use of HealthChecks part of your annualreview of the critical areas of your business.However, ensure that your improvement actions areplanned and monitored on a more regular(quarterly) basis. Note that for some teams, theHealthCheck will also form part of an external auditor compliance process driven by customers orindustry regulators.
How should you implement it?
Plan the HealthCheck carefully and ensure that youget the right people involved early in the process.Gather information through face-to-face interviewswhere possible, although electronic checklists canenable you to involve a larger group. Gatherevidence of performance as you go. Thenconsolidate the various views and look for areas of inconsistency across different stakeholders, andassess areas of concern. Finally, develop a clearaction plan with ownership and timings for getting togreen or for improving the score on an individualitem.
 
 
© SofTools, 2009. For more information on related products and services, visitwww.Fast-Track-Me.com or contact us at:info@Fast-Track-Me.com 
HealthCheck Finance
 
This is a case example based on a fictitious company called TVT 
– 
all the data is displayed for demonstration purposes only. For a detailed explanation of what each cell is used for please refer to the Virtual Consultant on the following pages.
ID Category Evaluation criteria1 Strategic fit
 
Score StatusA
Vision There is a clear statement of corporate visions and strategy 2
GreenB
Goals Senior and middle management have communicated the visions andstrategy across the business by setting clear and attainable goals3
GreenC
Congruence The team are committed to the goals set for them and understand howthey fit in with the overall strategy2
Amber2 KPI relevance Score StatusA
KPI cascade
There is a clear statement of the KPI’s for both the team and the
individuals4
GreenB
Briefing The team is well briefed that if th
ey achieve their KPI’s they will be seen
to be successful4
GreenC
Contribution
The team’s achieving their KPI’s makes a significant contribution to the
organisations goals and strategy5
Green3 KPI commitment Score StatusA
Understanding Each membe
r of the team understands their individual KPI’s and the
importance of team success4
AmberB
Commitment
Each member of the team is committed to achieving their individual KPI’s
3
AmberC
Support When a team member is not hitting a KPI they expect and receivesupport from managers in correcting the problem4
Green
 
 
© SofTools, 2009. For more information on related products and services, visitwww.Fast-Track-Me.com or contact us at:info@Fast-Track-Me.com 
4 Basic knowledge Score StatusA
Cash flow Each member of the team is aware of the crucial importance of cash flowmanagement4
GreenB
IncomestatementEach team member understands the impact that their activities have onthe income statement4
GreenC
Balance sheet The team members understand the difference between capital andrevenue expenditure and how a balance sheet reflects this difference5
Green5 Budgeting Score StatusA
Process
The team understands the company’s budgeting process and has a
positive attitude towards it1
RedA
Planning The team is involved in producing the budget 2
AmberC
Commitment Each member of the team is committed to working with the budget 2
Amber6 Financial research
 
Score StatusA
Process All members of the team are able to read an annual report and extractthe data needed for analysis3
AmberB
Analysis All members of the team can interpret the results of financial analysis of key customers, competitors and suppliers2
AmberC
Application The team uses the results of financial analysis to improve theirperformance3
Amber7 Project evaluation
 
Score StatusA
Comparison The team understand that proposed projects will be analysed andcompared with other proposals from elsewhere in the organisation1
RedB
Template The team understands the business case template that the organisationuses for evaluating proposed projects1
RedC
PersuasivecommunicationThe team are successful in presenting clear and cogent business cases 2
Red

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