Four key items to look for in your end of year financial review

For many organisations a great deal of thought and effort goes into planning an upcoming financial year. Strategic plans are reviewed, meetings are held and budgets are prepared.

With so much effort put into looking forward, it is equally important to look back and review the financial year that has just passed.

When reviewing financial results the time horizon in which results are reviewed sets the scene for the entire analysis.

A year on year review will compare 12 months of financial results to the corresponding previous 12 months. This can of course be for any 12 month period however a 12 month period that corresponds with your reporting period, such as 1 July to 30 June, is most common. You will note that the standard convention of year end accounts is to show the previous year results, however this merely shows the results for the two years. By performing certain calculations and analysing the results, as outlined below, and even visualising the year on year changes, as outlined here [placeholder], far greater insights can be gained.

Here are four key items to look for in a year on year review. Although some may seem obvious, ask yourself, have you done the following calculations and do you know the results for your organisation?

1. Revenue

Most of us when reviewing financial reports will look to revenue first. Revenue is one of the most insightful figures (in addition and in combination with other figures such margins and cash – outlined below) when reviewing and analysing financials. It is a key indicator of growth or contraction and is often sighted in long term strategic planning.

Determine how revenue has changed year on year with the following formula:

(Revenue most recent 12 months / Revenue corresponding previous 12 months)
x 100%

Review the year on year percentage change against your strategic objectives. Broadly speaking if the result is below zero it may suggest that your organisation is contracting and a result above zero may suggest that you are expanding. You may choose to use inflation or a number around 2% as your base rather than zero as you are effectively contracting if you are growing at less than inflation.

Any changes in revenue should be reviewed in the context of the events in the last 12 months. A key question to ask when reviewing revenue changes is whether any changes are systemic or one-off. Systemic changes occur due fundamental factors that are not one-off in nature. Declining revenue due to an increase in customer attrition caused by poor customer service would be an example of a systemic issue.

Conversely revenue may change due to a one-off event that was unpredictable and hopefully will not be repeated in the future. Decline in revenue due Covid-19 related issues is an example of a one-off issue.

Being able to differentiate between systemic and one-off issues is critical in reviewing year on year changes and will play a vital role in the action required next. Systemic issues are more likely to be repeated if not addressed, whereas one-off issues may resolve themselves or require a strategic organisational shift if the one-off is deemed to have now changed the landscape and environment in which your organisation operates. Such is the case for many organisations with Covid 19.

Once issues causing a change in revenue are identified, ask yourself, how likely is it that the issues will be repeated?

2. Surplus

Your organisation’s ability to cover all of its expenses is key to your long term financial sustainability. The level of surpluses generated also reflects the financial efficiency of your organisation and your ability to manage margins.

Determine how surpluses have changed year on year with the following formulas:

Net profit margin:
Most recent 12 months: (Surplus / Revenue) x 100%
Corresponding previous 12 months: (Surplus / Revenue) x 100%

Compare the two net profit margins. A higher result in the most recent 12 months suggests that the organisation is financially more efficient. A lower result in the most recent 12 months suggests that the organisation is financially less efficient and may be experiencing issues regarding margin management.

Again ask yourself if margins are being compressed because of systemic or one-off issues and how likely it is that these issues will be repeated? You may be less worried if margins this year have been compressed due one-off expenses that are unlikely to be repeated in comparison to margins falling due to systemic issues such as consistent overspending.

In addition to year on year changes in your net profit margin, it is worth noting that cash reserves are often built through year on year surplus. Each year your net profit margin should at a minimum beat inflation, and in addition to beating inflation contribute to your long-term cash target.

3. Key expense margins

Your organisation’s ability to manage margins is also key to the long term financial sustainability of your organisation. After all if expenses are increasing at a faster rate than revenue, financial losses will become inevitable.

To review key expense items, choose an expense item and review it as a percentage of revenue for both years.

For example:

Wages to revenue:
Most recent 12 months: (Wages / Revenue) x 100%
Corresponding previous 12 months: (Wages / Revenue) x 100%

Compare the two results. A higher result in the past 12 months suggests that the organisation is financially more efficient in relation to the expense item in question. A lower result in the past 12 months suggests that the organisation is financially less efficient in relation to the expense item and may be experiencing issues regarding margin management.

Margin management is vitally important to an organisation, particularly for a growing organisation. Organisations that are growing need to grow in a financially sustainable way and a key way to check this is by reviewing if margins are remaining stable or improving.

4. Cash position

It goes without saying that cash is critical to all organisations.

In relation to a year on year review, reviewing the closing cash position at the end of the most recent 12 months compared to the closing cash position at the end of the previous 12 months, allows you to cut through the noise that can occur in a raft of numbers. In 12 months many many transactions and changes would have occurred. Revenue may have increased, expenses may have increased and non cash items such as provisions may have changed.

By reviewing the closing cash positions, you can focus on the key question – “Are we holding more cash?”

Change in Cash held
Cash position at the end of the most recent 12 months
Cash position at the end of the corresponding previous 12 months

As mentioned earlier, it is also worth reviewing your closing cash position against your long-term cash target.

Each of the items above should be reviewed against your long term strategic objectives and considered specifically in relation to the goals and aspirations of your organisation.

Expanding your financial analysis and review to a 24 month – or longer – horizon will provide high level, longer term insights.

If you’d like any assistance with your end of year financial review, please call 1300 763 505 for an initial obligation free consultation with Dimitri.


Dimitri Matsouliadis
Business Consultant
Phone: 1300 763 505



Data visualisation will change your life

Data visualisation will change your life and there’s a very good chance that it already has. Start-ups will talk about “hockey stick growth” and you’ve no doubt heard the term “flattening the curve”. Both terms refer to data visualisation and quite simply the insights that are drawn from being able to see past a mass of numbers, as data is presented in graphs and infographics. This cuts through the noise often created by large sets of data and allows people to see trends and outliers which in turn brings a focus to the key indicators that drive change.

Before we move to the impact that data visualisation can have, it’s worth defining data visualisation.

Data visualisation is the graphical representation of information and data ¹

This sounds simple enough but in a world of endless facts, figures and information, data visualisation provides a number of benefits.

Here are three key benefits of data visualisation:

  1. Appeals to visual people

Everybody has their own unique learning style and medium for which they prefer to take in information. A large proportion of the population prefer visual images, particularly over large sets of numbers. Data visualisation – for all the obvious reasons – appeals to this portion of the population.

  1. A picture tells a thousand words

Well visualised data can portray vast amounts of information in just one graphic, making it much more efficient for time poor readers (such as Boards) to access and interpret information.

  1. Quicker insights

Insights can be gained much much quicker, particularly in comparison to a list of numbers. Trends, disproportionate data sets and outliers are all significantly easier to identify when visualised., The impact of graphs and infographics is immediate, and – when done well – easy to understand and interpret. This can allow for greater transparency amongst various stakeholders which can in turn lead to quicker and more accurate decision making.

Data visualisation operates at different levels. In its simplest form, it highlights anomalies (such as year on year differences or the difference between budgets and actuals). At this level, it may not explain the drivers or reasons behind the trends identified, rather it highlights areas for further investigation and analysis. For more sophisticated reporting, data visualisation may represent more complex information – perhaps in relation to your KPIs or other indicators – that helps to explain the context beneath the headline results.

This may sound great in theory and something that only applies to particular organisations – or big data – but it very much applies to the not for profit sector. We are currently working with a number of not for profits to present their financial data in more visual formats.

The visualisation and presentation of financial data and information can highlight and present the following:

    1. Trends
    • Revenue trends
    • Expense trends
    • Cash flow trends
    • Monthly trends
    • Annual trends
    1. Proportions
    • Major revenue items
    • Major expense items
    • Major balance sheet items
    1. Comparisons
    • Actuals vs budget
    • This year vs last year
    1. Targets
    • Year to date actuals vs annual target

Of course knowing what data to visualise and how best to visualise it is a skill in itself. With the right data visualised in the most appropriate and meaningful way, organisations’ boards and leadership are supported in interpreting data so that they can make well informed decisions and take appropriate actions.

The following is a simple example of data visualisation:

  • Not for profit XYZ set an annual target to spend $6,000 this financial year on a particular social objective.
  • As shown in the chart below, after six months into the year, the organisation is well behind its target. and will need to take more action and spend more money in the remaining six months if they are to meet their annual objective.
  • The chart below very clearly and concisely presents this information, evidenced by the linear target which is in line with a linear objective (in this instance). This allows those reviewing the chart (ie the CEO and board) to quickly identify this as an area for further discussion and investigation and discuss required next steps.

In summary when the right data is visualised in the most appropriate way, it can either provide focus on areas for further discussion – or provide meaningful insights in its own right. This in turn can inform decisions and actions that support an organisation towards achieving their objectives.

If you’d like any assistance with visualising your financial data, please call 1300 763 505 for an initial obligation free consultation with Dimitri.




Dimitri Matsouliadis
Business Consultant
Phone: 1300 763 505




Keeping a regular eye on risk

Has there ever been a more important time to be monitoring new and emerging risks to your organisation? Perhaps it is becoming one of 2020’s most overused words that we are living in “unprecedented” times.

The emergence of the global coronavirus pandemic this year has forced every organisation to review its business continuity plan and take a number of other steps to ensure the safety of employees and clients, modify operations, change marketing priorities and shore up the financial position.

On the subject of coronavirus, CBB have shared a link to some resources available through the South Australian Department of Human Services via our LinkedIn page which readers may find of interest. Other information is available from the NDIS Quality and Safeguards Commission.

However, even in the midst of this significant risk scenario unfolding, there are other emerging risks that also need regular attention.

We have seen the impact of the summer bushfires which has been a challenge in some regions, and put together with current job losses and share market volatility will put pressure on donations to some not for profits . Regulatory changes are emerging with the Disability and Aged Care Royal Commissions, and the NDIS continues to evolve and make changes almost daily. Cyber attacks have continued, and not for profits are not immune from events like this. Social behaviours have changed as a result of shutdowns within society now, and it remains to be seen how society will permanently change after the current crisis.

Last month we looked at the specific risk in relation to whistleblowing after issues at World Vision. You can click here to go back to that article. We have also written recently on steps to protect your organisation from cyber risk.

It is important that Boards and management committees regularly review and monitor for new and emerging risks, and that risks other than the coronavirus still remain part of regular board discussions.

The frequency of reviewing risks and the risk register will vary depending on the complexity of the organisation, pace of internal and external change, and risk exposure. Whilst lower risk organisations in a stable environment might review risks quarterly, many organisations should look at it more frequently.

However, best practice organisations make risk a part of the business as usual with regular monitoring of the internal and external elements of the organisation for changes, and then alerting decision makers to these changes in a timely way, so that appropriate actions can be taken.

We believe that best practice risk management monitoring includes the following:

  1. Ensuring a well-constructed risk register is in place and reviewed regularly for changes.
  2. Undertaking broad engagement across the organisation to identify new and emerging risks, ensuring that different perspectives are taken in to account and the full range of risks have mitigation plans.
  3. Risk appetite is discussed, understood and calibrated across the board and management, with changes made as context changes.
  4. Making a report on new/emerging risks a regular part of the board reporting template helps the Board and management team consider the risks in a timely manner.
  5. Including responsibilities within key management team member position descriptions to monitor and report on risk.
  6. Monitoring of relevant internal KPIs (staff turnover, safety incidents etc) to look for emerging internal trends and risks.
  7. Involvement in industry forums and conference attendance to hear from thought leaders on how the market is changing and new risks that are emerging.

In coming months and future editions of Foreword, we will provide more suggestions on how to develop your risk management to a greater level of maturity and integrate it into everyday decisions and business practices to provide a robust framework for managing risk.

If you have a topic that you would like us to consider when writing more about risk, then please get in touch with us and we will endeavour to include it in a future edition. HOW??

CBB consultants have had experience in helping organisations plan their risk management activities. If you’d like assistance with risk management, please contact 1300 763 505 for an obligation free consultation.


Andrew Ellis
Business Consultant
Phone: 1300 763 505


The importance of meaningful financial terminology

spreadsheet on lap top with dictionaryDifferent roles and situations in life require us to speak a different language. The most obvious that comes to mind is when we travel or communicate with someone whose first language is different to ours. The less obvious is when the language doesn’t change but you enter into a different area that has its own terminology that provides meaningful insights and understanding within the subject area. A good example of this is sports. If you’ve ever had a conversation with someone who deeply understands a sport that you don’t, you will have noticed a range of words and expressions used that leave you confused.

Many subjects have their own terminology and the same can be said for health, science and finance.

The challenge that many of us face at times is that we may not have an understanding of a particular subject’s terminology but find ourselves in a situation that demands at least a basic understanding of the terminology – and the concepts – used.

Many people will progress into leadership positions without having significant finance experience, beyond managing their departmental budget. Whatever your route to a senior role, you will need to understand the language of finance.

Here are four reasons why understanding financial terminology is important.


Increased understanding

It may sound obvious but when you have a basic understanding of financial terminology you in turn, increase your understanding of financial matters and underlying concepts. Think back to a topic in which you weren’t overly knowledgeable in and then increased your knowledge. The sports fan learns more about the sport and in turn understands and starts using specific terminology.

Once you understand financial terminology then you can use your understanding of that terminology to better understand your organisation’s financials. For example if you understand the term “accrual basis” then you will better understand why your profit and loss may be looking healthy but your cash flow is not.


Show others that you understand

If you are someone that needs to present or explain your organisation’s financials or program’s financials to upper management, sub committees, board and/or external parties it can be difficult at times to portray a level of understanding with a limited use of financial terminology. A certain level of financial terminology will allow you to more accurately convey results whilst also instilling greater confidence that you do in fact understand the organisation and/or program that you are talking to. Your understanding of the concepts and ability to effectively communicate them is strengthened when the right terminology is used, in the right context, be it a report and/or presentation.


Reduce overwhelm

An understanding of financial terminology can lead to less overwhelm and greater confidence when reviewing financial statements and talking to ‘finance people’. Financial statements can appear at times to be a wall of numbers, however with even just a basic knowledge of financial terminology and concepts you can quickly get an idea of what’s going on. For example, understanding the net profit margin and current ratio of an organisation can provide insight into the financial health of the organisation. Furthermore with the skills to correctly use financial terminology, you are more likely to feel greater confidence when talking to your ‘numbers’.


Make better decisions

Understanding financial terminology helps you to understand the numbers, and the implications of the financial report for your organisation. It better positions you to discuss financial issues with your team and colleagues and this in turn will inform your decision making. This can be thought of as the tangible results that can be had. Feeling better about your numbers may not lead to better results in itself, but improved decision making will in the long run contribute to better results.

Obtaining and building financial vocabulary will not by itself result in an understanding of your organisation and/or programs financials. It is however a key step required in building your financial literacy and well worth the effort.

If you’d like any assistance with building your financial vocabulary knowledge, please contact 1300 763 505 for an initial obligation free consultation with Dimitri.


Dimitri Matsouliadis
Business Consultant
Phone: 1300 763 505

Why not for profits need to plan the year ahead


man asking where next

At this stage of the financial year, the thought of planning the financial year ahead has probably crossed your mind. If your organisation has a formal planning process that is in place for the start of every calendar year, you may have started planning already.

Before we go into planning mode, or agonise about the mere thought of doing any sort of planning, is planning ahead even useful? Is it just a waste of time?

Below are three reasons that planning is not a waste of time, but a valuable exercise.


Opportunity to be proactive

In today’s connected world we are constantly being pulled in a million and one different directions. We receive endless updates about legal changes and Government funding; our clients have many different means to contact us and, of course, staff members have varying and changing needs to be addressed. All this to say, that in the middle of the working year, it is very easy, and at times difficult not to be, operating in a reactive state. This can be especially true of leaders of organisations.

The planning process however provides us the opportunity to be proactive. When beginning the planning process, particularly planning for longer periods such as a year or two rather than a week or two, our minds move towards exploratory, opportunistic type questions such as ‘what do we want to achieve’, rather than reactive type questions such as ‘what needs to be done’. After all, if you ask somebody what they plan to do in the next 12 months you may get a proactive response such as ‘achieve xyz’, whereas if you ask them what they plan to do in the next week you may get a more responsive type answer, such as ‘finalise our client report’, which is due the following week.

Planning allows us for a brief moment to put the day to day tasks, that form part of our lives, to one side and ask ourselves a handful of longer term, more meaningful questions.


Revisit what’s important

What is important to your organisation? Why does your organisation exist? What problems are being solved and what needs are being addressed?

These are the type of questions that are able to be asked in the planning process, when the day to day tasks are momentarily put on hold. These types of questions, with the big picture in mind, allow you to revisit what’s important to both you and the organisation.

When revisiting what’s important, there are two timelines in which we must consider. What is currently being done and what needs to be done.

When reviewing what is currently being done, consider the day to day tasks that are being undertaken, but that you feel do not necessarily align with the organisation vision and/or are not the most efficient use of resources. Tasks may include pursuing and completing work that at one time was in line with your organisation’s mission, but overtime has changed and is no longer as aligned as it once was. Other examples may include an inefficient use of employees’ time or archaic systems that unnecessarily waste time.

Are you happy with the current state of play? Are there things you would change in your own work and that of your organisation?

In looking to the future, questions can be asked about the type of organisation you want to be and what you’d like the organisation to achieve. This an opportunity for aspirational thoughts to flourish. It is difficult, if not impossible, for the mind to wonder and for you to imagine what your organisation could achieve, and the impact it could have, when you are in the middle of your day to day activities. Planning allows you to take a longer term horizon. The practical consequences are that you can plan actions for the year ahead, that lay the foundations for your longer term goals.


Improve performance

Planning has the potential to improve an organisation’s performance by providing an opportunity to focus on how best to allocate resources, how to solve key problems and by bringing improved focus and efficiencies to staff and leaders.

Allocation of resources

With the opportunity to be proactive and revisit what’s important, an organisation is able to review where resources are being allocated and determine if this is the most efficient use of the resource/s in light of what’s important. All organisations have limited resources, particularly in terms of time and money. Even slight reallocations of key resources can impact overall organisational performance.

Solve key problems

Without planning, you risk just doing more of what you’ve always done, without regard to external market context, or internal changes. As market conditions evolve and internal changes occur, problems are likely to arise. Planning provides the opportunity for key personnel to work through and solve problems affecting the performance of the organisation.

Improved focus and efficiencies

Planning allows for a strategic roadmap to be created in which staff and leaders can align to. With an aligned focus on tasks and functional activities, efficiencies are inevitably gained. Furthermore, leaders who are equipped with a strategic roadmap and direction for the organisation are able to make better, more informed decisions in a more efficient manner.


If you’d like any assistance with planning, please contact 1300 763 505 for an obligation free consultation with one of our Business Consultants.


Dimitri Matsouliadis
Business Consultant
Phone: 1300 763 505

How to measure ROI with a zero-based marketing budget

man thinking in front of boardThe simplest and easiest way to set next year’s marketing budget is to take last year’s budget and simply add the percentage that you want to grow by.  Within 60 seconds your new marketing budget is set, but this doesn’t allow for external market factors like new providers, changing government policies or the needs or wants of customers.

Alternatively, you could adopt a zero-based marketing budget. This will take longer to put together, but it will make you ask the hard questions about the outcomes you want, how much you need to spend to achieve them and the different options available to you


Where to start with a zero-based marketing budget

The most daunting thing about having a zero-based marketing budget is staring at a blank white board or empty spreadsheet.  The good news is, if you look at your marketing strategy, you’ve already got a starting point.

If you don’t have a marketing strategy and plan, a good place to start is by reading one of our previous blogs – Planning for future success

In your marketing strategy you would have identified your strengths, weaknesses, opportunities and threats, the market and your marketing funnel.

Use this to start writing down the high-level things you think you need to do to attract new customers and retaining existing ones to either existing or new services.  For example, it may be that your existing customers only use one of your services and don’t know about the other services you offer. It’s always cheaper to cross-sell to an existing customer who knows you than to acquire a new customer.

From here you can list all the communication options that you think you could use to solve that issue.  At this stage the more ideas the better, as there’s no right or wrong answer. You can, and will, logically reduce the list down later.

Once you’ve written everything you can think of, walk away and revisit it the next day. This will give you time to reflect on your ideas and add in any new option(s) you’ve thought of.


Reviewing your options

With all your options listed down it may seem like an impossible task to decide which ideas to keep and which ones to delete. By researching the cost and comparing it to the possible result of the activity, you can logically eliminate ideas.

For example:

During the analysis you’ve realised that hardly any existing customers visit your reception, so the cost per result of doing the activity is very high compared to the other options.  Therefore, you’d decide not to do it.

However, the other two ideas come at a relatively low cost compared to the potential gain: a combined cost of $1,800 vs the potential of an additional $100,000 in revenue (20 enquiries at $5,000 potential revenue each), so you decide to add them as lines to your budget.

Measuring the ROI

Not only does this analysis help you decide what activities you should do because you have looked at the potential results, it also allows you to measure the return on your investment. By measuring where your engagement, leads or customers have come from throughout the year or per campaign, you can measure which of your marketing activities were effective.

Here’s the same example but we’re measuring the ROI:

As you can see, the results you expected weren’t the actual outcomes but if it’s your first year of doing this or if there are changes in the market, then your expectations are unlikely to match the results exactly. But what it does do is give you a benchmark for the next year so when you go into the planning phase again, you use the data from this year to refine your predictions for next year, to be more accurate.


Benefits of a zero-based marketing budget

Not only does a zero-based budget help you justify your marketing budget recommendations, it also helps you prove the ROI of your investment; something a lot of organisations struggle to articulate.

Whilst you can argue for hours whether to use a first touch or last touch* attribution method to decide where to credit the win, the truth is, unless you have sophisticated systems reporting and analysis, you’ll never know.

A zero-based marketing budget will get you to challenge why you are doing some of the existing marketing activities, and whether they are still worthwhile.

The important thing is by using the zero based budget, you are planning for success and learning to monitor your results which will help you improve your future activities and lead to marketing dashboards that help drive your organisation forward.


If you’d like any assistance, please contact us on 1300 763 505 for an obligation free consultation with one of our Business Consultants or book an appointment here.

*First touch – where they first found out about you, the new service etc. OR Last touch – what was the final thing they saw before they acted.

Andrew Ellis


Andrew Ellis
Business Consultant
Phone: 1300 763 505



Financially, which way ought you go from here?

“Would you tell me please, which way I ought to go from here?” “That depends a good deal on where you want to get to,” said the cat. “I don’t much care where…” Said Alice. “Then it doesn’t matter which way you go,” said the cat. – Lewis Carroll, Alice in Wonderland

Your organisation is in a current position. It has a certain level of revenue, a certain number of employees and makes a certain impact.

From a financial perspective you need to know where you ought to go from here. Asking this question allows the following:

  • It forces key stakeholders to consider the future of the organisation
  • Multiple parties can be brought into an overall vision, including board members and third-party stakeholders
  • Realistic operational and strategic goals can be set
  • Potential pitfalls can be identified before they happen
  • An actionable road map for the organisation can be developed

As we move into 2020, the question arises, financially, which way ought you go from here?

Continue reading…

Three financial ratios to instantly assess your organisation’s health

When analysing your organisation’s financials it can be easy to get caught up in an array of numbers and hard to know the financial health of your organisation. Key financial ratios can help you focus in on particular financial areas and highlight any potential risks that may be present.

The three ratios below highlight keys areas that all organisations should know and monitor. These three ratios and categories help indicate the financial status of an organisation and can be used to very quickly assess financial health.

Continue reading…

CBB Community Business Grants

Do you feel fully on top of the business-side of running your organisation? You might be delivering outstanding social impact, but are you confident that your business practices are fit for purpose?

We work with hundreds of not for profit organisations and we see first hand the challenges of juggling the operational realities of delivering community services with the management and planning needed to run a purpose driven business. We know that many organisations do not have the time – and sometimes don’t have the in-house skills – to invest in adequately planning ahead, managing corporate functions, and continuous improvement.

As part of our commitment to reinvest some of our own funds into supporting the sector to build its business capability, we are offering a series of Community Business Grants in 2019/20. Grants will be offered on a staged basis through 2019/20 and will take the form of pro bono consulting projects in areas such as understanding your market opportunities, and financial management.

The first round will open to applications soon. Sign up for news and updates on our Community Business Grant program here, including announcements as rounds open, and access to the grant guidelines.

For any queries on our Community Business Grants contact

Jane Arnott
General Manager, Consulting and Business Services
Phone: 1300 763 505


Five ways systems and processes can negatively affect your organisation

“A business that looks orderly says to your customer that your people know what they’re doing.”― Michael E. Gerb

Systems and process, the ‘how’ you do the things you do in your organisation, may seem boring and of not much importance, but they matter more than think.

Inefficient ways of conducting your work can include using outdated tools or technology, double handling information and a lack of transparency in the work being done. These are some of the most common ways systems and processes are outdated and inefficient. Using fax, paper forms and technology that hasn’t been updated in years are specific examples of these.

Continue reading…