In this installment of Basics of Accounting for Small Contractors, I’m going to introduce you to the topic of benchmarking and look at why it’s important to use in your business.
Let’s start by defining the term benchmarking. Benchmarking is the process of comparing your performance to that of a standard, goal or “benchmark” (number). The benchmark can be an “average” or it can be “the gold standard” (the best). Benchmarking also allows you to determine if your company is doin