Benchmarking
What is Business Benchmarking?
Benchmarking your business will give you insight into how your business is performing relative to your competitors. Through benchmarking you will gain an understanding of your competitive position, your business strengths and weaknesses, and develop a process for making changes to your business which improve profits.
The benefits of benchmarking are that it can:
- Identify areas to reduce costs and improve efficiency
- Assess the productivity and efficiency of your employees and assets
- Identify opportunities for improvement, new ideas, and innovative practices
- Forecast the financial impact of changes to your business
- Identify opportunities for making your business more competitive
- Analyse the purchase of a potential business
- Assist with the preparation of cashflows for a business startup
At Judge Accountants we have a 7 step method to benchmarking a business:
Step 1: Preparation and planning
Step 2: Data collection
Step 3: Data analysis
Step 4: Reporting
Step 5: Evaluation and gap analysis
Step 6: Initiate an Action Plan
Step 7: Assess and monitor improvements
We have a wealth of experience in benchmarking businesses and have extensive financial data for over 100 industries, ranging from small to large size businesses. Please contact our team on (02) 4732 3844 to see how we can assist you.
