B is for Benchmarking

Often just by understanding where you are against that of your competitors you can identify where you are just giving away money.

Are you really performing as well as you think?

If you own a business ask your accountant if they can Benchmark your firm against others in the same industry or area. With a Benchmark report you can target areas to work on your business.

If they cannot offer you Benchmarking then send them to http://www.avn.co.uk where they can access to a leading edge piece of software. Or contact AVN and they can put you in touch with an accountant that can help.

Not only should they be able to help you identify difference, they should also be able to come up with industry specific tips that will give you a head start.

One of the key things to be aware of is that in a lot of benchmarking software, information is taken from companies house data. Whilst this is a start, figures can be skewed by how proprietors and directors take their remuneration out of company and adjustments should be made for this.

Use your accountant to work with you on your business and develop it strategically.

Good luck

James

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Article Source: James Miller