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How to Implement a Benchmarking Initiative

 
  John W. Braine, Partner, CFO Edge, LLC  
   
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  Article Summary  
Benchmarking is a highly effective analytical tool that adds value to annual budgeting processes - and it works well with methods like zero-based budgeting and rolling forecasts.

By using benchmarking to compare the performance of their companies to industry standards, executives can discover many ways to improve performance.

The benefits of benchmarking include identifying underperforming areas needing attention; identifying opportunities in areas where competitors are doing well; gaining insights into industry best practices; and realizing ways to improve decision making.

Reviewed are downsides of not benchmarking, sequential steps for implementing a benchmarking initiative, and benefits of benchmarking.

Greater Los Angeles executives who are looking at ways to improve performance and better inform decisions may be interested in talking with a CFO services professional.

An on-demand CFO brings client-side and services side expertise in structuring benchmarking initiatives to improve performance in the near term, as well as for continuous improvement in the long term.

  Open as PDF Open the entire article as a downloadable PDF (No form completion is requested.)  
     
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