Benchmarking brings a sense of reality
As part of our Business Mentoring Programme (step 5), we help our clients to evaluate their business performance by a comparison to their industry.
This step helped one of clients to see a clearer picture of the impact the economic situation was having on his business and his competitors. Recent trading had been difficult and the business owner met with us in what you could describe as a deflated manner. However after running a benchmark report for his business against his competitors financial information, he identified that he was not alone and the whole industry was suffering. In fact he was pleased to learn that in many areas he was performing better than his competitors. The added value, in addition to this realisation, was that the benchmark report highlight an expense that was considerably higher than the industry norm, so he went away to address this and immediately improve his margin.
How do you perform against your competitors?
We can help you to benchmark your business against other similar businesses so you can compare your key performance indicators against those in the same line of work. Such benchmarking can be very informative and can provide a focus area for small changes that can lead to big changes in your performance. It will also highlight if you had a good or bad year compared to others in your industry, not just relying on your instinct.
For more details, please contact us on 01865 379272