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Understanding your financial performance in the context of your competitors can significantly enhance your business strategy. It allows you to identify your strengths and weaknesses compared to your competitors. This can help you to focus on areas where you are lagging behind and need improvement. It can also help you to identify opportunities for growth and expansion. Moreover, it can provide insights into market trends and customer preferences, which can be used to refine your products or services and improve customer satisfaction. Finally, it can help you to make informed decisions about resource allocation, pricing, marketing strategies, and other aspects of your business.
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As the year approaches a wrap, it's time to highlight your achievements and position yourself for new challenges. Report on topics like your organizat...
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Once the stakeholders involved know your financials, it's important to put those numbers in context, particularly in terms of your performance benchmarked against your competitors. A Market share visualization can be used as a competitive analysis to show where you stack up against a series of top rivals. (Slide 23)
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