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Do you know how your business compares against similar businesses in your industry? Business benchmarking is the process of finding this out, and then using this insight to improve your operations.
There are a range of tools available for business benchmarking. Diprose Miller can find the right benchmarking solution for your business, and then work with you to interpret and use the results.
WHY BENCHMARK YOUR BUSINESS?
Benchmarking is a powerful tool for continuous improvement. It’s common for businesses to focus on what’s happening inside the business to measure success and identify areas for opportunity, but this can provide a narrow view.
Business benchmarking gives business owners a much wider view. By looking beyond your business and comparing your performance against others, business owners can identify strengths, gaps, and opportunities for competitive advantage.
Banks like to see how your business compares against your peers, so if you’re applying for loans or, this information can support your application.
SIMPLE BENCHMARKING SOLUTIONS
Benchmarking your business is a simple and effective technique for business improvement. The great thing is, the data already exists – it’s simply a matter of knowing where to look, what to look for, and how to use it.
Diprose Miller can take care of the behind the scenes work for you, produce easy to read reports, and take you through the results. We can then work with you to identify areas for improvement and implement changes.
NZ BUSINESS BENCHMARKING SURVEY
The University of Waikato works with New Zealand accounting firms to provide benchmarking information for businesses. These benchmarking reports are the standard for benchmarking small to medium businesses in New Zealand.
The reports cover income, profitability, overhead and capital structure, ratios, and liquidity across a range of industries.