Design agency case study
Design industry client How we helped our clients improve profitability
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Benchmark your competitions
How does your performance compare to your competitors?
Benchmarking is one of the most commonly used management tools in the world and it’s not hard to see why. “Benchmarking” simply means comparing your business to others in your industry. You can then use those comparisons to:
- Discover how much gross profit and net profit your competitors are really making
- See how your business compares – and how well you are really doing
- Understand the specific areas where you are doing better than your competitors – i.e. your strengths which you can build on
- Identify the specific areas where your competitors are doing better than you – i.e. your weaknesses which you can correct by learning what others are doing in those areas
- Estimate how much extra profit the evidence suggests you can claw back when you start doing everything as well as, or even better than, your rivals.
As a result you will discover where to focus your efforts to become more successful, profitable and valuable.
We can help you by producing a confidential report for you comparing you to others in your industry across 19 key performance measures. We will explain to you what each of these performance measures means and we will suggest an action plan to help you start improving your performance in each of those areas.
If you would like to have a chat about this, give us a call
How Beyond the Numbers will help you…
We believe that you should want more from your accountant and we are happy to help you with our 9 step plan towards performance measurement and improvement.
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The Numbers
VIEW NUMBERWe believe that you should want more from your accountant and we are happy to help you with our 9 step plan towards performance measurement and improvement....
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1. Set your goals
VIEW NUMBERWe believe that you have to look at both your business and your personal life if you are going to set goals for the business as the two are intrinsically linked – through you!...
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2. Develop your plan
VIEW NUMBERHaving identified your goals you need to convert these into a business plan so that you know what your business needs to do to help you achieve these goals....
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3. Measure your performance
VIEW NUMBEROnce you have created your forecasts and budgets (see Develop your plan) you need to systematically measure your actual performance and compare it to your targets....
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4. Your annual accounts
VIEW NUMBEREvery business is required by law to produce annual accounts and of course those annual accounts must comply with all the relevant rules and regulations....
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5. Understand your business trends
VIEW NUMBERIt is almost impossible to evaluate how well you are doing in business by looking at one set of figures from one financial year. Performance is always relative....
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6. Benchmark your competitions
VIEW NUMBERBenchmarking is one of the most commonly used management tools in the world and it’s not hard to see why....
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7. Value your business
VIEW NUMBERIs one of the reasons you own a business to create value for yourself? In other words, do you want to build a business that is actually worth something when you want to sell it or ...
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8. Improvement potential
VIEW NUMBERMost businesses always have room for improvement and it can be dangerous for a business owner to sit back and assume that everything is going really well and will continue to do so...
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9. Improvement action plan
VIEW NUMBERNothing changes until something changes so you need to develop and implement an action plan....
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about our experience helping other clients in your sector.
We’d love to help you, too.