SME Benchmarking Tool
With the SME Benchmarking tool you can view financial performance data based on industry averages, with an option to include your own income statement and balance sheet information in the report.
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What is SME benchmarking tool?
SME Benchmarking Tool provides access to more than 600 industries across Canada, including more than 30 performance benchmarks to help small businesses determine how they measure up to their competitors.
Reports feature the number of businesses in the selected industry, statistics for profitable and non-profitable small and medium-sized businesses that includes net profits and net losses, and detailed financial data on revenues and expenses, industry average's for income statements and balance sheet items as well as financial ratios. Reports are marked with quality indicators that measure of the amount of imputation contributing towards a given value.
The reports are representative of all businesses operating within the specified industry and geographic area and earning between $30 thousand and $5 million in total annual revenues and by profit margin.
Frequently asked questions by users
How can SME benchmarking tool help my business?
SME Benchmarking Tool can help both new and existing businesses to better understand how competing firms operate in their chosen industry.
How SME benchmarking tool can help new businesses?
When starting a new business, one of the most important activities you can undertake is the preparation of your business plan.
SME Benchmarking Tool can help you to complete the financial component of your business plan by providing an accurate sense of the cost structure of similar businesses in your industry.
By examining the differences in expense categories for businesses within different revenue levels you can get a more accurate reading of expected costs for firms that match your anticipated revenue level. Furthermore, you can project how the cost structure for your business may change as your business grows and revenue levels increase.
How SME benchmarking tool can help existing businesses?
Business plans are not just for start-ups. Revisiting and updating your business plan frequently can help you to ensure that your business is performing optimally - staying on top changing business conditions, keeping tabs on the competition and injecting fresh ideas into your operations.
Whether you are putting together a formal business plan or seeking to make an operational decision, SME Benchmarking Tool can provide insight on the operations of similar small and medium-sized businesses in your industry - from amounts spent in specific expense categories to the general health of the firms in operation.
SME Benchmarking Tool also offers you the option of entering data from your business - annual revenue and expense data and assets/liabilities - which can be used to benchmark your small or medium sized business against relevant industry averages.
Benchmarking using SME Benchmarking Tool can identify areas in which your business deviates from the relevant industry average, identifying opportunities to make changes to your cost structure that may help you to grow your business.
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