I often wonder how a business could get better if it didn’t know what being the best meant. How could a small business entrepreneur determine he was indeed performing at or above the industry standard if there was no information available to say what was the best, average or poor? There isn’t any real performance standard, that is financial standards, for any particular small business operation.
Industry Financial Comparison
Industry financial comparison is an analytical review for a particular industry that is reported by viable resources. These include the Internal Revenue Service, Chambers of Commerce, and Economic Development Authorities. Often times this information is not available and small businesses need to seek out other methods to gather the information.