What is benchmarking?
Benchmarking is an essential process by comparing the performance of a business to other businesses within the same industry.
Why is benchmarking important?
Benchmarking process for any business is valuable, be that against other similar companies, and your past or future forecast performance. Our approach is to pull together, using our snapshot tool, a report of your business performance, challenges and opportunities over a series of workshops and use this as the foundation for determining agreed action plans and future targets.
"If you always do what you've always done, you'll always get what you've always got." - Henry Ford
What is a snapshot tool?
Snapshot is a tool which provides a primarily non-financial-based approach to the questions that matter most in business. It is a process of collecting the views of different stakeholders in the firm and honing them towards the areas that need attention or alignment. The numbers form part of the outcome. However, the discussions needed is around a business's key drivers.
The power of benchmarking enables you to identify those critical issues before they develop into a tricky problem in the future. Through identifying your high and low performing outliers, threats and opportunities, we can assist you in driving your business strategy for the future.
Gaining clarity from our snapshot tool, we can improve your business and operational performances, through making a real difference both in financial rewards and owner/manager peace of mind. Some other benefits are:
- Knowing how your business is performing compared to industry standards with consideration to size and location.
- Identifying the areas of the company that are performing poorly and need urgent attention.
- Identify the financial and non-financial key indicators of the businesses performance.
- Stimulate strategic discussions regarding aspects of business performance.
- To provide a reference for setting performance expectations – therefore improving the business performance. To enhance the financial viability of your business, to make it more attractive to prospective business partners (succession planning) and to illustrate levels of financial management to financiers.
The benchmarking appraisal will involve:
- A review of the practice's financial records over the past three years,
- A review of non-financial information such as levels of staffing, the numbers of practitioners, appointment structures of practitioners, the operational details of the practice,
- Analysis of financial performance against similar businesses with consideration to size and location, including identifying the profit improvement potential of your business, and
- The benchmarking exercise is repeated annually. Which provides insight into the changes, what has happened in the sector and so on.
These plans and activities are then actioned by the client, in conjunction with other professionals and us as needed, with periodic meetings to review progress and outcomes.
Your investment in our Benchmarking service is advised once the full scope of the assessment has been determined.
Helping businesses achieve their dreams is our passion and our strength is in our dedicated professional team.
Make the time today to book an appointment with one of our professional advisors.
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