Basics of Accounting for Small Contractors – Benchmarking Your Business

Basics of Accounting for Small Contractors – Benchmarking Your Business

Benchmarking allows you to determine if your company is doing better, worse or staying the same There are many benchmarks that you can track in your company There’s a strong correlation between benchmarking (i.e., “keeping score”) in sports and the business world There are a lot of benchmarking models that have been developed over the years

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

Register to view the full article

Registration on Contractor allows you exclusive access to high value content centered around proprietary research, expert analysis, and in-depth technical procedures.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish