We’re piloting a new tool to help you with the big decisions. Whether it’s better understanding your finances, improving your resilience or building reliable revenue streams, we can help.
Power to Change has partnered with MyCake and Xero to pilot a new financial benchmark tool. The tool can help you:
- Understand your finances – do you know where can you reduce costs and which areas should you invest in?
- Improve resilience – do you know what levels of reserves a business like yours should have? How much similar businesses can raise in community shares?
- Build reliable revenue – do you know how your sector has changed? How has your competition changed?
We’re offering 20 free places to help community businesses with their finances during this tough period. We’re determined to help the sector build back better.
What do you get?
Our new tool provides immediately available analysis for actionable insights. You’ll receive an individual benchmark of your data along with a report about how to read the results. Taking part could help you …
- get thinking about new opportunities
- understand how your peers approach the challenges and opportunities you face
- see what good, better, best looks like in your sector, and see where are you now versus where you’d like to be
- get some data to support thinking, planning and discussing within your team
- spot things you’ve not thought of when it comes to your financial sustainability
- understand what ‘normal’ looks like when it comes to business models like yours
- make the most of your organisation’s assets and think of new ideas to raise income and achieve impact.
To get an idea of the kind of analysis we can provide, take a look at our series of Success Guides. These are based on an analysis of real life financial data from organisations like yours. By participating in the pilot, you’ll have the opportunity to look at data from your own business analysed within the context of the wider sector.
What we’ll need from you
- A few hours of your time over the course of a few weeks
- Your agreement to allow us to include data from your organisation in our aggregated results, which will be anonymised
- Your feedback about how useful the process was for you
What are the technical details?
To take part you need to be using Xero (the cloud accounting software) to do your book-keeping. Ideally, you will have at least 12 months’ worth of financial data to work with.
Using an API, MyCake will analyse your data for you, and benchmark you against your peers. The entire process requires minimal effort from you.
Both Xero and MyCake are GDPR compliant. MyCake will only access aggregate level data, similar to that which you publish in annual accounts. We keep your data confidential and secure, whilst also allowing you to compare against your peer group.
The pilot will last for 12 weeks.
How do you get involved?
We only have 20 places available, which will be allocated on a first-come, first-served basis.
To sign up, and for more information, please contact Sarah Thelwall, CEO/Founder, MyCake: sarah@mycake.org