Benchmarking is a business buzzword. Everybody says they do it or want to do it, but what does it mean to benchmark a business?
And wouldn’t you want to gain the most for your benchmarking investment? If your organization is committed to helping business owners drive profit, improve cash flow, and build value then providing them with meaningful, impactful benchmarking may be right for you. What does meaningful and impactful benchmarking look like and how would WE know?
We know because we have been benchmarking key performance indicators and financial results of buying groups, trade associations, franchises and multi-unit corporations for over 25 years.
Homework – We find out how to make benchmarking meaningful and impactful through an extensive design process. Our “No Cookie Cutter” approach ensures project value because we do our homework. We interview business owners, CFOs, suppliers and consultants to understand the drivers of success for your industry or organization. Then we develop a survey process uniquely designed for your business model.
Data Integrity – We incorporate an extensive data integrity process that could include things like normalizing expenses when excess tax depreciation or discretionary expenses show up. We also develop algorithms to detect outliers and errors. We follow up with study participants to make sure their information is correct, and even complete the survey forms for them if necessary.
Actionable Reports – Our experienced team reviews the numbers and determines the best way to tell your financial story. Then we author a system-wide report that is customized, educational and actionable – and not automatically generated from our system. We bring our professional competencies of accounting, finance, business management and marketing to the table to focus on the important trends and drivers of success. With a combination of charts, words, numbers and questions we help readers use the information as a springboard for action. Our process helps readers answer this critical question: “How must I change to have a better business?”
Meaningful, Impactful Benchmarking
What people are saying about the impact of our benchmarking process:
Our members and suppliers are financially healthier and happier because of Profit Soup’s financial benchmarking initiative.
Harry Kegler, Executive Director, National Insulation Contractors’ Exchange
Our members were thrilled and overwhelmed with just the “sneak preview” of the study results. This survey will open a lot more doors of good solid educational programs we can offer our members.
Christi Collins, Executive Director, American Concrete Pumpers Association
Barbara’s work is tireless. Her desire for details provides safeguards and her work product is highly valued.
Eric Bernstein, President, ProSource Wholesale Floorcoverings