I've used GlowCode (commercial product, similar to Sleepy) for profiling native C++ code. You run the instrumenting process, then execute your program, then look at the data produced by the tool. The instrumenting step injects a little trace function at every methods' entrypoints and exitpoints, and simply measures how much time it takes for each function to run through to completion.
Using the call graph profiling tool, I listed the methods sorted from "most time used" to "least time used", and the tool also displays a call count. Simply drilling into the highest percentage routine showed me which methods were using the most time. I could see that some methods were very slow, but drilling into them I discovered they were waiting for user input, or for a service to respond. And some took a long time because they were calling some internal routines thousands of times each invocation. We found someone made a coding error and was walking a large linked list repeatedly for each item in the list, when they really only needed to walk it once.
If you sort by "most frequently called" to "least called", you can see some of the tiny functions that get called from everywhere (iterator methods like next(), etc.) Something to check for is to make sure the functions that are called the most often are really clean. Saving a millisecond in a routine called 500 times to paint a screen will speed that screen up by half a second. This helps you decide which are the most important places to spend your efforts.
I've seen two common approaches to using profiling. One is to do some "general" profiling, running through a suite of "normal" operations, and discovering which methods are slowing the app down the most. The other is to do specific profiling, focusing on specific user complaints about performance, and running through those functions to reveal their issues.
One thing I would caution you about is to limit your changes to those that will measurably impact the users' experience or system throughput. Shaving one millisecond off a mouse click won't make a difference to the average user, because human reaction time simply isn't that fast. Race car drivers have reaction times in the 8 millisecond range, some elite twitch gamers are even faster, but normal users like bank tellers will have reaction times in the 20-30 millisecond range. The benefits would be negligible.
Making twenty 1-millisecond improvements or one 20-millisecond change will make the system a lot more responsive. It's cheaper and better if you can do the single big improvement over the many small improvements.
Similarly, shaving one millisecond off a service that handles 100 users per second will make a 10% improvement, meaning you could improve the service to handle 110 users per second.
The reason for concern is that coding changes strictly to improve performance often negatively impact your code's structure by adding complexity. Let's say you decided to improve a call to a database by caching results. How do you know when the cache goes invalid? Do you add a cache cleaning mechanism? Consider a financial transaction where looping through all the line items to produce a running total is slow, so you decide to keep a runningTotal accumulator to answer faster. You now have to modify the runningTotal for all kinds of situations like line voids, reversals, deletions, modifications, quantity changes, etc. It makes the code more complex and more error-prone.
