A. It’s all about comparing apples with apples or in business terms, it’s about comparing your business with other businesses in the same industry.
Benchmark Reporting gives you the opportunity to measure your business performance against the competition and to compare your business against others in the same geographical region and of the same size.
It also allows you to take a look at what you’re doing well, compared to your counterparts and look at the areas that others are doing better than you.
Are your profit ratios inline with the industry standards or is your wage bill too high? Are you getting the same level of return on your investment?
You’ll be able to view the median result (the result that ranks in the middle of the sample), upper and lower quartile results, and see exactly where your business fits into the range of performances. This will allow you to focus on those areas of your business that need improvement.
We now have access to business performance statistics for a wide range of business types and this enhances the level of reporting and information we are able to provide.
Call us now if you would like to use Benchmarking to assist your business.