One of the biggest challenges in business is knowing how your business is really performing – especially in relation to your competitors.
Are you doing well? Are you doing poorly? How do you compare to others in your industry?
As a business owner, it’s normal to ask yourself these questions. What you may also wonder, however, is how you can answer them.
That’s where EzyAccounts’ benchmarking business advice comes in.
What Is Benchmarking?
Business benchmarking involves comparing your business’s performance against data about comparable businesses in your industry. This data includes figures for best practice and average performance.
Benchmarking covers areas such as revenue, profit, and expenses, but it isn’t just about your more obvious financial numbers. In addition to comparing your key performance indicators and accounting ratios, you can also use benchmarking data to compare your business’s performance against others in your industry in areas such as customer service, process management, staff productivity, and more.
You’ve probably heard the saying that “information is power”. Business benchmarking gives you the information you need to empower you to improve your business’s performance. It does this in several ways.
Understanding Your Performance
Benchmarking allows you to understand your business’s strengths and weaknesses, and indicates what level of improvement you should be aiming to achieve in the underper forming areas of your business.
For example, in addition to indicating that your total expenses are high, benchmarking will suggest what they should be. This gives you an idea of how much improvement is required to get your business to perform as it should in this area.
Experiencing Peace of Mind
Benchmarking also provides you with peace of mind and confidence regarding those areas in your business that are performing as they should. It’s reassuring to know that the hard work you put into your business is paying off.
Knowing How To Improve
As well as highlighting what needs improvement, benchmarking can also help you to identify how you should be solving problems and weaknesses in your business.
For instance, if your staff productivity is below par, you can compare your staff processes with those of your more successful competitors. You may find that implementing certain changes to follow their best practices – such as improving how staff up-sell or on-sell – will bring you the improvement you need.
Selling Your Business
Finally, benchmarking helps you to make your business more saleable. If you can present benchmarking documents to potential buyers – especially when they indicate improved performance over time that equals (or betters) industry averages – your business will be all the more attractive, and you will be better positioned to sell it for a premium price.
Get Benchmarking – An Exclusive Offer
As you can see, benchmarking is the key to understanding and improving your business’s performance in meaningful and measurable ways. Because benchmarking is so important, at EzyAccounts, we invite you to enjoy the benefits of benchmarking at a heavily discounted price.
As an ongoing, returning, or commencing EzyAccounts client, you can receive a detailed benchmarking report tailored to your business and industry for ONLY $250 (plus GST), rather than our usual price of $500 (plus GST).
We can only complete a limited number of benchmarking reports under this special offer, so book now to avoid disappointment. To secure your exclusive benchmarking report at our heavily discounted price, call us today on 1300 313 397. We’re also happy to answer any specific questions you may have.