The Benchmarking Suite: is it a fit for your business?
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We have been getting a lot of interest recently regarding our Benchmarking Suite! So, we put together a quick list of FAQs so you can consider: is benchmarking a good fit for your business?
Take a shortcut by clicking on the headings below.
What is the Benchmarking Suite?
Who is the Benchmarking Suite For?
How is the Benchmarking Suite different from the Benchmark Report?
What do you ‘do’ with the Benchmark Report?
Does it ‘work’?
Can my business make money from the Benchmarking Suite?
Can I try before I buy?
Need more info?
The best way to see if the Benchmarking Suite is right for your business is to give it a try. We have a free trial for accounting firms and business advisors. Click through below to see if you are eligible.
What is the Benchmarking Suite?
The Benchmarking Suite is our premier benchmarking solution. It is an online application that enables people to import a business’s financial data to generate a unique and industry-specific Business Benchmark Report.
Our tool has more than 200 industry-specific reports, each of which measures KPI’s relevant to that industry. To see what’s included in each report, click through to our Business Benchmark Report.
Who is the Benchmarking Suite For?
The Benchmarking Suite is designed for Australian professionals that work directly with Australian business owners to improve their business performance. This includes:
- Accountants
- Business Advisors
- Management Consultants
- Business/executive coaches
- Productivity/operational specialists
- Marketing/business strategists
How is the Benchmarking Suite different from the Benchmark Report?
Our standard Benchmark Report enables one-time access for a business owner or associate to benchmark one business in one industry only. Customers who subscribe to the Benchmarking Suite can create unlimited benchmark reports for as many clients as they wish.
Further, the suite enables subscribers to brand each report with their logo and colours.
Read more about inclusions for accountants and business advisors.
What do you ‘do’ with the Benchmark Report?
The Benchmark Report is ultimately designed to support business owners make strategic decisions. However, many business owners still need support from advisors to understand the best opportunities for their situation.
Therefore, the best practice is for advisors/consultants to work through the Benchmark Report with their clients (i.e. business owners) to develop a series of focused strategies that will drive business improvements.
Many of our subscribers then work with their clients to implement and track business performance to assess if the strategies are working. We also offer a range of support templates to make life easier.
We recommend benchmarking a client’s business each year to track overall improvements and set new objectives.
Can my business make money from the Benchmarking Suite?
Absolutely and we encourage this! Our license agreement allows you to on-sell Individual Benchmarking Reports to your clients. You just need to abide by our Fair Use Policy which you can read about here: https://benchmarking.com.au/fair-use-policy/
There are three key models our subscribers use to generate income from the Benchmarking Suite:
1. STRATEGIC LONG-TERM RETURNS
The most common and highest value results come when our subscribers use the Benchmarking Suite to build long-term consulting relationships with their clients. The report can be used as a sales pitch to engage a new client, or as a tool to upsell an existing client.
This approach enables the advisor to develop a 12-month ongoing plan to work with their client; thus creating ongoing income for this period.
Best for:
- Sole business consultants
- Small consulting firms
- Accounting firms offering consulting services
Income result: our research shows monthly consulting retainers range from $500 – $3000 per month, per client.
2. VALUE-ADD approach
This approach involves providing individual Benchmarking Reports for free to established clients in order to add value to your services.
Best for: medium-size accounting firms who are not interested in expanding to advisory services.
Income result: increased client retention
3. INSTANT RETURNS approach
Our license allows for direct sales of the Benchmark Report to clients. This can generate immediate returns for your firm. Accountants and consultants will often provide the report for a cost and then continue on to offer business advisory services.
Best for: small to medium-size firms with decent size client base and/or highly engaged contacts.
Income result: our research shows accountants and advisors on-sell the Benchmark Report to client for $2,000 on average. This may include the business valuation and analysis, or, advisors may opt to sell this as a separate package.
Can I try before I buy?
Yes you can. Click through here and we will assess your eligibility to access our free trial.
Need more info?
Our team are here and ready to answer your questions!