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Benchmarking involves continually comparing and measuring your processes and performance against other organizations in your industry. The purpose, of course, is to gain information that will help you recognize opportunities you can take advantage of and changes you can make to improve your operation to the best-practice level and attain a competitive edge.
Accounting firms typically do not offer benchmarking services. BPCD&S does. The techniques of benchmarking and best practices [the means by which organizations achieve peak performance] allow us, as CPAs, to move beyond presenting financial data “as is,” and to take a more active role in shaping financial performance as to what it “should be.”
Comparing performance levels is only the preliminary phase of benchmarking. The bulk of the effort involves an analysis of how and why these performance levels are achieved. The basic elements of BPCD&S’s Benchmarking Services are…
Evaluating where the client stands performance-wise among competitors.
Identifying the best practices that the client could implement to improve performance.
Evaluating areas of the client’s business that could operate more efficiently and profitably.
Establishing business strategies for growth and improvement.
Benchmarking is not limited to financial data (quantitative). Successful benchmarking also encompasses qualitative data to show you how to improve your performance. Specifically, benchmarking benefits you by …
- Helping define and monitor your strategic goals and position within your competitive marketplace.
- Increasing your profitability, efficiency, and customer satisfaction via identifying and implementing best practices.
- Highlighting areas where you have room to improve your business practices.
- Assisting your decision-making by providing a clear picture of your competitive position.
As trusted advisors who already have a keen understanding of the ebbs and flows of our clients’ businesses, BPCD&S is in an ideal position to collect benchmark data and study best practices. We have the special expertise to evaluate the results of the benchmarking process, along with the knowledge of industry practices and performance needed to benchmark a business.
Through seminars and other educational courses, our staff stays updated on refinements for this service. We also employ software that provides industry data to benchmark a business.
Overall, benchmarking creates the context in which you can identify issues, set targets, take action to improve your performance – and be successful over the long term.
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