Financial benchmarking the example of confectionery industry companies

Abstract

Being a managerial tool of proven efficiency when it comes to managing companies in cri­sis periods, benchmarking concept is still insufficiently known and applied in the Republic of Serbia. The idea of this paper was to reveal its possibilities through the aspect of finan­cial benchmarking, showing its simplicity and benefits even from the point of an external analyst. This was achieved through the analysis of two biggest competitors on the market of confectionery products of the Republic of Serbia, using secondary data analysis. Through multidimensional set of performance measures based on profit as the ultimate goal, but also including value for shareholders, liquidity and capitalization, we have confirmed the leader's market position and found its sources, which are the key learning points for the follower to adopt in order to improve its performance.

Kao upravljačka alatka dokazane efikasnosti kada je reč o upravljanju preduzećima u kriznim vremenima, benčmarking koncept još uvek je nedovoljno poznat i primenjen u Re­publici Srbiji. Cilj ovog rada bio je da rasvetli mogućnosti benčmarking koncepta, i to kroz aspekt finansijskog benčmarkinga, odnosno da izloži jednostavnost njegove upotrebe i koristi koje pruža ovaj koncept, čak i sa aspekta eksternog analitičara. U tom smislu, analizirana su dva najveća konkurenta na tržištu konditorskih proizvoda Republike Srbije, korišćenjem javno dostupnih informacija o njihovom poslovanju. Pomoću višedimenzionog seta merila performansi baziranih na dobitku kao vrhovnom cilju, a uzevši u obzir i vrednost za vlasnike, likvidnost i kapitalizaciju, potvrdili smo tržišni položaj lidera i pronašli pokretače njegovih performansi, odnosno ključne zadatke koje pratilac treba da savlada kako bi unapredio sopstvene rezultate.