How committed is your non-profit organization to benchmarking? Perhaps you think it makes sense in the for-profit sphere but not as much for charities and other non-profits. If so, you are probably missing out on its benefits — including long-term sustainability. Here is how to...
It is almost time for calendar-year businesses to prepare their year-end financial statements. If used correctly, these reports can be a valuable management tool. Use them in benchmarking and forecasting to be proactive, not reactive, to market changes. Benchmarking Historical financial statements can be used...
Financial statements are not particularly meaningful without a relevant basis of comparison. There are two types of benchmarks that a company’s financials can be compared to – its own historical performance and the performance of other comparable businesses. Before you conduct a benchmarking study, however, it...
You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they do not mean much. That is why it is important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive...
You may keep a wary eye on your competitors, but sometimes it helps to look just a little bit deeper. Even if you are a big fish in your pond, someone a little bigger may be swimming up just beneath you. Being successful means not...