Question

For a business plan for a small Accounting firm - What is the benchmarking section. Can you give an example?

Answer 1

Business Plan refers to a written documents which contain road map which will be followed by the company to achieve its objectives. A business plan is divided into many section. One of such section is benchmarking section.

Benchmarking means to measure one's own service quality and growth with past and present performance and more significantly with the competitor's in the industry. So Benchmarking section essentially means that when and how the various components of the the bussiness will be compared (measured) with other competitors to understand the true worth of the business in the market and to know the areas which require the further improvements.

Benchmarking can be perform on a number of indicators. One such example can be percentage increase in the number of clients in comparison of the other same category organisation to measure the growth of the business.