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Why is Benchmarking Important for your Business?

Written by Angela Bernardi . March 31, 2018
2 min read

You can have an instant competitive advantage over other businesses through benchmarking. Imagine knowing your position, your strengths and what you need to do to step up your performance. We explain below how benchmarking can help you and why it’s important you talk to an experienced business adviser to get the right outcome.

Contents

  • What is benchmarking?
  • What is involved in benchmarking your business?

What is benchmarking?

The objective of benchmarking your business is to understand and evaluate its current position in relation to others like yours within your industry. This allows you to see how well your business is performing and identify ways you can become more competitive.

Relevant and timely benchmarking will allow you to take important steps to strengthen the performance of your business.

What is involved in benchmarking your business?

As a general guide our team look at the following:

  • Identify areas of success in your business
  • Identify areas that need improvement
  • Compare your practice to industry trends

We evaluate several areas specific to your business including:

  • Revenue performance – We report our findings to you and assist in evaluating the results with you, along with recommendations on how to improve performance.
  • Expenses – We review your expenses including rent, wages and other operational costs. We report our findings and provide advice on what areas are able to be improved and what we consider to be ‘best practice’ for your business.
  • Management – Behind every great business is great leadership. Business leaders (eg. Directors, Managers) provide guidance and direction to ensure that the organisation structure and the management of the business provides the best customer experience. They are in charge of aligning human resources, resources/facilities, communication, reporting, information technology and more. Good leadership is critical to the success of the business. As such, we aim to work closely with business owners and leaders.

Through benchmarking our team at BLG Business Advisers will help you make the best decisions to improve the overall performance of your business. Take this opportunity to find out more and talk with us today.

*Information is correct at time of publishing and may be subject to change.*
Written by Angela Bernardi . March 31, 2018

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