Have you ever wondered how your business is performing compared to your competitors?
Are your expenses as high as theirs? What is the average bottom line of your competitors?
To thrive in today’s business climate you need to spend more time working ON your business rather than working IN the business. But working ON your business won’t help it improve unless you know where to target your efforts. This is where benchmarking can help you and your business.
Benchmarking is a way of assessing your business’ performance by comparison. Most business’ will compare their performance against budgets or last year’s results. But all these are internal comparisons. On the other hand benchmarking compares your business performance with others in your industry, so that you can measure your performance against the best, average or poorer performers. Benchmarking also allows you to identify where your business is doing things differently compared to the industry which may help you to identify areas for you to improve your business.
It is one thing to have all of this information about benchmarks presented to you but it is how you use the information that is the critical part. Our accountants will be there to help you analyse the data to go deeper than just looking at numbers and will find the areas where you can improve your business in a real and effective way.
Click here to view a sample copy of one of our benchmarking reports.