Financial Benchmarking Services In Burlington, Oakville, Hamilton, & Area

What is Financial Benchmarking?

Financial benchmarking helps businesses achieve their stated objectives using the best industry practices to maximize their potential. Comparing the services you provide your clients with your competitors, allows you to identify gaps in your offering and financial and procedural inefficiencies. It also allows you to identify where you’re already ahead of the game.

The process will help you identify how you compare to your competition and help you to start to identify  best practices that can be applied to your business to help it gain a competitive edge against your competitors.

Benefits of benchmarking include:

• Understanding your company’s performance relative to its peer group
• Setting realistic and achievable business goals
• Understanding your competition
• Focusing your efforts on where your business is underperforming so you can consider changes to positively impact its performance

Maximizing your business performance with operational benchmarking is a smart and effective way to make sure that you’re maintaining a competitive edge against your competitors and setting a baseline for measuring your success.

Financial Benchmarking should become a regular part of your business planning and analysis, in order to stay ahead of the competition.

What is the process of Financial Benchmarking?

Evaluate competitors

Take a look at your business and compare it with your competitors.

Identify your metrics

Decide what metrics are most important. These may vary across the business.

Create a plan

How will you improve your metrics? What will you define as success?

Monitor results

Track and analyze the results over time. This is a great topic of conversation at regular review meetings with your accountant.