We've all heard and used the term benchmarking. But do we all know what it really is and how to really understand the information that can be gleaned and leveraged from a good benchmarking tool or process?
A benchmark comparison allows the business owner, CPA, or both, to see gaps in a company's performance when compared to the industry average. It will also show how the company compares to its best past performance and identify methods to achieve excellence. Ultimately, the benchmarking process should become part of the company's culture so the company can maintain top efficiencies and consistently drive value.
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