17 March 2011
Have you ever wondered how you are performing relative to the peers in your industry?
Benchmarking is the process of comparing one's business processes and performance metrics to industry bests and/or best practices from other industries. The term benchmarking was first used by cobblers to measure people's feet for shoes. They would place someone's foot on a "bench" and mark it out to make the pattern for the shoes.
Bates Cosgrave uses benchmarking as one of the tools to measure our clients against industry norms or against best practice in order to provide some insights into what makes them tick and where the performance might be enhanced. The KPI's (key performance indicators) within each business are often similar industry-wide, but understanding where your business sits within your industry and why your KPI's are different to others starts with benchmarking.
We now have access to over 85 industry benchmarks and many industry profiles which can assist you to gain an understanding of what makes your business tick.
For more information contact Glenn Cosgrave on 02 9957 4033 or via our contact form.
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This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.