Benchmarking

Benchmarking is a tool that helps you have a clear picture of your business. It makes your accounts become a useful source of information, something you can find interesting and informative, rather than something to tell the taxman how much tax you have to pay!

Benchmarking takes information from your accounts and illustrates how your business is doing. Do you know how you compare with others in your industry? Do you know how efficient your employees are in generating profit for you? These are some of the points benchmarking will answer for you.

To illustrate this, here is part of one of over 20 reports you could have. Notice that productivity is being looked at, not something that would normally come from your accounts! (PDF TO BE PROVIDED)

Click here to view our Benchmarking brochure. (PDF TO BE PROVIDED)

The sales per £ of employee costs is a good measure of productivity.

For example, your business is generating sales of £4.85 per £ of employee costs, which is above average compared with other businesses within your sector. This is a good indication that you are managing people well within your business and indicates an efficiently run business. But even here, small changes can make a very worthwhile difference.

If we can find ways to increase your sales per £ of employee costs by 10% to £5.34, then with everything else being equal, this would generate an extra £32,733 in additional profit for you every single year.

To find out more information, or to book an appointment, call Steiner & Co today.