Benchmarking versus Not Benchmarking

Mar 19th, 2015

Looking at this list below, you will quickly draw an understanding of the benefits of benchmarking and if your company or organization should in fact start a benchmarking process or project.

On top are the top 5 benefits a client provided back to us after recently completing a benchmarking project. Below the top 5 characteristics we all to commonly hear from new clients looking for clarity and improvements.

Benchmarking Benefits

  1. Know the best practices of successful businesses in your industry and alike industry
  2. Make informed decisions on continuous business and department improvement
  3. Partnering with stakeholders to openly talk about percentages
  4. In control of strategic competitive edge
  5. Evolving the company and planning for a better year ahead

No Benchmarking Alarms

  1. Performance measures have no KPI’s that directly relate to historical success
  2. Continuously making bandage or quick fix actions/tactics
  3. In a silo and or with tunnel vision
  4. Data on the industry is “nice to have”, not a strategic importance
  5. Attempting to mirror another company/process because they seam from the outside to be successful

Are you an Accountant or Business Advisor? Fill out the below form for a FREE TRIAL of the Benchmark Suite.

Recent Articles

Getting the Most out of Personnel Productivity Benchmarks

09th September 2019

As with any ‘ratio’, personnel productivity is best measured by linking an ‘input’ to an ‘output’. The key ‘input’... Read More

Manage Your Client’s Margin – Spend Better Before Spending More

06th September 2019

If your client has a gross profit margin problem, what is the natural reaction you are going to get... Read More

Why Advisors Should Benchmark Their Clients Against Competitors

09th August 2019

As a business owner, competition can be intimidating.  However, it can also drive to achieve impressive results. The important... Read More

Categories