What effect does an aircraft's "trim" have on it's performance?

An aircraft's "trim" or "balance" is critical to an aircraft's performance. If the trim of the aircraft is making it either nose heavy or tail heavy (but still within acceptable flying limits) the aircraft's performance is degraded and the following "effects" might occur: Longer take off and landing distances, excessive wear and tear on tyres and brakes, reduced ceiling (flight level) which in turn means using more fuel, reduced assymetric performance (flying with an engine shut down), control surfaces (elevators, ailerons etc) less effective, which will all result in greater costs to the operating company.