Imagine that you could compare you business performance to other businesses.
It’s a phenomenon that is rife among PLCs: it’s easy for them since the bulk of
their information is public information. But for small business, financial
activity is largely secret, which means that one business cannot compare itself
against others, particularly on efficiency terms. Efficiency is vital these
days, particularly with spiralling taxes and increasing competition.
Peer Benchmarking is a free, but opt in service. It’s available to those with
Business Administrator who are willing to share their own information in an
unidentifiable way: your data is given a code and there is no way to trace the
information back to you. You must also share six months worth of useful data
about your own business. You would never know who you are benchmarking against,
but you will know they are real.
If you are eligible and interested, then you will find Peer Benchmarking as a
new mode in Finance Manager.