How Does Your Business Measure Up?

How does your business compare financially to other similar businesses?

Many micro and small businesses don't have a comparison or benchmark. The first benchmark you should use is your own budget. Set one up using FineTunebiz Cashbook and monitor your financial performance against your own budget. If you have been in business for more than a year then monitoring your performance against budget means you are monitoring your performance against your past performance too; because each year you will set your budget bar a little higher than the last. That way you're striving to do better each year.

Next, compare yourself to industry benchmarks for your industry type. The Financial Measurements Research Corporation (FMRC) benchmarks for 2010 have now been released. Eventually you'll want to at least do as well as the average to make sure you are financially competitive.

Need more information?
Contact us admin@finetunebiz.com