Benchamarking your Business by David Rosenthal
As the financial year ends, many of you are in the process of getting your year end accounts ready to hand over to your accountant for them to work over their tax magic, while some diligent retailers have already done this and are eagerly awaiting their set of year end Financial Statements and Income Tax Return.
Let me ask you a question, what value do you get out of your financial statements? Some of you might say that (suggest delete) the value is that you get to see if your bottom line profit has improved from last year, or whether your gross profit has improved.
But tell me, do your financial statements let you know the following:
· How well your business has performed against your competitors and the industry?
· Identify (suggest delete) Your business strengths and weaknesses?
· How to effectively manage your cash flow cycle?
· Feedback on (suggest delete) How well you’re utilising your resources (labour, inventory, shop space, etc)?
· Provide and (suggest delete) Contents of an Action List on how to become more competitive in the industry?
· Whether you are at risk of an ATO Audit?
The most effective way to get the answers you need from your financial statements is by benchmarking your business.
Benchmarking takes your financial statements and compares them to your Industry competitors. This will help you understand opportunities for growth in your business, and how to outperform them (suggest delete) competitors with a step-by-step actionable report to drive your strategic planning year on year.
At CABEL Partners, our Benchmarking team can provide you this business insight and aid you in developing a plan towards (suggest delete) to help maximise your company’s full potential. We explain this further in a short YouTube clip: Click HERE
If you would like to know more on (suggest delete) about how to improve your business performance through benchmarking, contact David Rosenthal at [email protected] or call 8071 0321
Who is David Rosenthal?
Chartered Accountant with experience working in Practice since 2006, looking after a range of SME and high net worth clients. I have a wide breadth of accounting exposure including great software capability. My clients enjoy working with me immensely as I am naturally curious and inquisitive, always looking for the right answers and suggestions to help his clients reach their goals.
David Rosenthal
Team Supervisor at Cabel Partners
Over my career I have developed skills for being able to provide a wide array of advisory, compliance and general accounting services over many different accounting systems and software packages (MYOB, QuickBooks, Xero, APS etc.)
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