By Andrea Bradley
Benefits of performance benchmarking.
Performance benchmarking can provide powerful information to help you grow and improve your business. It can help to clarify where improvements can be made, assist in setting measurable targets as well as encourage development and improvement across your business.
Small businesses incorporating benchmarking as part of their planning process, are more likely to see an increase in sales and profitability compared to those who fail to benchmark. Identifying benchmarks, analysing the data to illuminate areas for improvement and establishing standards to improve these results, will assist you to focus your efforts on areas which will have a clear impact on your financial bottom line.
WDF Professional subscribes to a benchmarking platform which enables us to benchmark your financial data against industry peers across a range of areas including profitability, productivity and key financial ratios. This benchmarking platform currently offers data for over 90 industries.
A WDF Professional benchmark report will provide you with insightful information and statistical analysis to help you make improved business decisions. If you are interested, please contact your WDF Professional team.
Director
Your Small Business Can Compete Against Large Retailers
As a small business, do you ever feel that competing against larger retailers is a daunting prospect? Maybe a shift in thinking is needed. There are advantages to being small that may surprise you. Read More…
Creating a Small Business Budget
Make sure you set your small business budget! It's a great way to eliminate wasteful spending and get to profitability faster. Setting a budget isn't complicated but it can still help to involve an expert. Read More…
Small business is all about relationships. But when these go wrong, it is devastating. Ensure you have the systems in place to routinely look at where your money’s going in order to safeguard your business and your relationships. Read More…