What is financial benchmarking?

Financial Benchmarking

financial-benchmarkingFinancial benchmarking is comparing an organisation’s financial information to other businesses in the same trade to assess competitiveness, productivity and efficiency. Financial benchmarking can be used to:

  • Determine what and where improvements are called for. As the great baseball coach, Yogi Barra once said, “If you don’t know where you’re going, you might not get there.”
  • Compare your business against others achieving high performance and using the information to improve your business performance
  • See where your business sits in relation to your competitors so you really know how you’ve been performing.
  • Establish goals and KPI’s for the business and the team.
  • Identify strengths, weaknesses, opportunities and threats.

How do I find financial data about my competitors?

Every business has financial data that can be used for analysis, the financial statements produced each year by your accountant being the main source. Provide Bare Bones Accounting with your financial statements and we’ll prepare a confidential financial benchmarking report for your organisation, using our access to NZ industry benchmarking statistics for the past 17 years held by Waikato University.

Alternatively you can contact Waikato University yourself and request a report from them for your particular industry, then prepare your own financial benchmarking report. Waikato University charge $160 plus GST for an individual classification report.

Our guarantee

Bare Bones Accounting will prepare a financial benchmarking report for your organisation for $160 plus GST. However, if you don’t believe our report has been of value to your organisation, we won’t ask you to pay anything. Some special terms and conditions apply to this offer which we’ll explain before we proceed.

If you think financial benchmarking will help your business, call Mike for advice on 021 683 783