Do you want to understand how you are doing relative to your competitors? And would it be helpful to know where you should focus your attention to increase profit?
Using industry data, benchmarking shows where your business is stronger or weaker than your competition. For example, you will be able to see how much you spend on advertising, staff, training, rent and other expenses compared to competitors. This helps to see what important items drive profitability in your industry.
Once you understand where improvements are possible for your business, our experienced accountants help you develop a plan to put those changes in place.
Benchmarking is a process to return to for continual improvement. You can see the results of your changes by benchmarking your business again. You’ll see what is working and where you need to focus still more attention.
If you are deciding whether to purchase another business, benchmarking can also help. We can measure the past performance of a business to see how it performed against industry averages. Having this information makes it easier for you to decide if the business is a good investment and the purchase price is reasonable.
We know from experience that using benchmarking to guide business planning improves business performance.