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Amid growing uncertainty, companies are seeking better analytical capabilities in order to make more informed decisions. Benchmarking analysis<\/a> is one way to help them achieve this.<\/p>\n As accountants, we routinely look at firms\u2019 past performance, and produce statutory records such as audits<\/a> and financial accounts<\/a>. But an accountant\u2019s job amounts to much more than studying historical, internal data.<\/p>\n Our role is to be a strategic business adviser. It\u2019s our job to look at your market and strategy; evaluate how your business stacks up against them; and identify what you must do to meet your goals.<\/p>\n This is what financial benchmarking enables us to do.<\/p>\n Our benchmarking service compares your financial results to a carefully selected group of peer organisations, as a means to assess your efficiency, profitability, productivity and competitiveness.<\/p>\n Benchmarking lets you see how you\u2019re performing relative to your sector and its best-in-class organisations. It provides a detailed comparison of your growth, revenues and your costs \u2013 not just the total cost base, but each element of it.<\/p>\n Our benchmarking reports also give you an external, forward-looking perspective, in the form of a five-year industry outlook. This highlights the risks facing your sector, and sets out the broader economic context in which your business sits.<\/p>\n We base our analysis on specialist business and industry reports and data, some of which come from our partner IBISWorld<\/a>. Their experts collate and scrutinise a comprehensive range of economic, demographic and government data, providing valuable insight into UK industries and their performance indicators.<\/p>\n We then use this information, and the data we have on your own business, to understand your market, assess your competitors, make forecasts, carry out transaction services such as due diligence on acquisitions, and more.<\/p>\n In a nutshell, benchmarking allows you to understand how to improve performance, and what are the threats to your future growth. \u2022 How do your objectives align with the prospects for your sector?Specialist expertise<\/h2>\n
Benefits of benchmarking<\/h2>\n
\nAs such, it adds vital strategic context to your business plan. It helps you to answer essential questions such as:<\/p>\n
\n\u2022 How realistic are they in the current market context \u2013 and are they actually ambitious enough?
\n\u2022 Will achieving them mean having to move some functions overseas?
\n\u2022 Will you need to secure new funding?
\n\u2022 Should you make a strategic acquisition (or several) \u2013 or look to sell?
\n\u2022 What does the industry outlook mean for your exit plans?<\/p>\n
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<\/a>Ultimately, benchmarking helps you see what shape you\u2019re in to deliver against your business plan; and make the right decisions to ensure that you can do so.<\/p>\n