There are many Web resources that managers can use to assess budget credibility. For example, managers frequently use industry ratios to determine whether a budget is reasonable. If elements of a firm's budget are considerably above or below industry averages, managers often review and evaluate assumptions underlying the budget. The websites listed below provide resources that are valuable in analyzing and evaluating budgets across a wide range of industries.
- BizStats (http://www.bizstats.com). This site offers "instant and easy access to useful business statistics and effective online analysis of businesses and industries." The content is split into two sections. National Business Statistics provides general insights into business performance. Small Business Industries reports comprehensive small business operating statistics sorted by industry. Another valuable feature is the option to compare a budget to the average financial statements of similar businesses with various levels of sales.
- BizMiner (http://www.bizminer.com/free.asp#). BizMiner has built its reputation on quality research and strategic planning services in the fields of economic and business development. This site offers industry analysis and trends as well as market research reports, industry financial profiles, and local area vitality profiles. While there is a fee for some data, the site provides market research tips, survival and failure rates of industries and business segments, and lists of top-ranked areas and industries measured for high growth, entrepreneurial activity, facility development, and business survival at no charge.
- Strategic Advantage (http://www.strategy4u.com). This website offers useful analysis tools that assist a company in evaluating its competitive position. It provides information and interactive questionnaires that help firms define their strategic advantage. The site has a unique strategy quote archive and spotlights the business advantages of budget analysis, performance improvement, and mistake avoidance.
