"Benchmarking" is the process of measuring the products, services, processes, and financial performance of one company against those of similar companies that are known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand your company’s position and performance within the industry and even across industries, and further helps you identify specific areas, systems, or processes in which your company can improve.

In this three-part blog series, we will discuss in detail the process of benchmarking, as illustrated through an example from the Staffing industry.

Method and Example

CRR works with clients in various industries such as construction, employment services, food service, manufacturing, and so on. Because we have a broad client base and research tools, we are able to compare our clients to others in the same industry, using standard industry benchmarks. This comparison helps clients understand their specific situation, diagnose problem areas, and strategize problem-solving.

For example, we recently chose four staffing companies from clients in the employment services industry. We first compared them to each other by calculating their 2020 KPI/financial metrics, and then we compared them all to the industry benchmark. These four companies were medium size by revenue ($5M-50M). The financial metrics that we used to measure their performance, key findings and solutions will be explained in the next blog.

Our CAS team is helping businesses of all sizes gain a competitive advantage by focusing on specific practices and operations that are centered around your needs and goals. We offer insight and support to help you make critical business decisions that lead to improved profitability. If you have any questions about benchmarking in your industry, please leave a comment below or feel free to contact me directly. I’m happy to help!