Benchmarking...

Blogs

Implementing Benchmark Analysis Improvements to your Client’s Business

Sometimes you’ll need to set a few progressive targets, to get a client from a ‘poor’ position, to a ‘best practice’ standard. Here is an example. Suppose you have a client who is a real ‘basket case’ of a business: too much stock; debtors don’t pay on time; the company doesn’t charge enough for their […]

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Why Advisors Should Benchmark Their Clients Against Competitors

As a business owner, competition can be intimidating.  However, it can also drive to achieve impressive results. The important factor is knowing how to beat the competition. With this sentiment in mind, for business owners and advisors, gathering intelligence on a business’s competitors in a systematic and rigorous format is critical to success.     What are […]

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How Do I ‘Benchmark’ a Business? Three Mindsets for Advisors

  At different stages during the process of Benchmarking a firm, your mindset needs to change. Here are the key stages that you’ll need work through as you help a client to devise concrete plans for a better, stronger business: 1. At first, your role is essentially a clerical one: converting the financial data about […]

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Using Business Benchmarks – Three Points for Advisors

One point that can be made about ‘Business Benchmarks’ is that they are a tool. They are not the ‘complete answer’ to every possible question a client might ask you.   It’s not the one tool that will fix absolutely every problem that you are going to run across.  But they will enable you as an […]

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Give me the numbers… now give me the significance of the numbers

The Italian mathematician Luca Pacioli was the first to publish the Venetian method of bookkeeping over 500 years ago, and this has been the primary source of modern accounting ever since. You can see the relevance of his work by looking at some of the accounting terms and principles still used today, which include: double […]

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Financial Benchmarking Against Your Competitors

As a business owner, competition can be intimidating.  However, it can also drive us to achieve impressive results. The important factor is knowing how to beat the competition. With this sentiment in mind, for business owners and advisors, gathering intelligence on a business’s competitors in a systematic and rigorous format is critical to success.   […]

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Benchmarking: 5 reasons why your business should do it

Do you know how your business is performing when stacked up against competitors? Where you could improve, what you are doing well and what you could do to steer your ship in the right direction? The good news is, there’s no need for guesswork. Benchmarking can answer these questions for you. Here are our top […]

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The Benefits of Benchmarking

Research clearly shows successful businesses aren’t afraid to compare themselves to their competitors and ask the hard questions. Businesses that do not make competitive comparison, furthermore, tend to be over optimistic about their relative position, preventing them from making realistic and fruitful changes. Hard data provided by benchmarking.com.au takes the guess work out of assessing […]

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Benchmarking versus Not Benchmarking

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 […]

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