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Many of our most successful clients have asked us to benchmark their business to help them see how they compare with other similar businesses. This allows our clients to see how well they are doing but more importantly where they can improve. To do this, we have joined forces with other leading firms of accountants to co-fund the development of the UK’s largest financial benchmarking database.
Benchmarking is a process used in management and particularly strategic management, in which we can evaluate different aspects of the business, in relation to best practice, within the sector. From this we can develop plans on how to adopt best practices with the aim of improving some aspect of performance.
Benchmarking is a powerful management tool because it overcomes ‘paradigm blindness’ – summed up as the mode of thinking i.e. “The way we do it is the best because this is the way we’ve always done it.” Benchmarking opens up new methods, ideas and tools to improve effectiveness. It helps crack through resistance to change by demonstrating other methods of solving problems.
The procedure we follow for you: