Client’s Challenging Situation:
Small and mid-size businesses [SMBs] wanted information and metrics to benchmark their businesses’ performance against the performance of competitors in their industry sector. While they had industry association information and metrics, those metrics had 3 shortcomings:
- they were published annually with a lag in timing of information and its delivery,
- they included only a small number of ‘general metrics’ [like revenue], and
- they did not allow SMBs to zero in on the specific areas of concern [like profitability/employee].
Scope of the Problem:
This is a widespread problem for SMBs in most industry sectors. Large businesses have a material advantage over SMBs. The large accounting firms have created software solutions to serve their clients’ benchmarking needs. Smaller accounting firms were not able to provide benchmarking services that allowed them to compete with the larger accounting firms.
We created benchmarking tools that allow small and mid-size accounting firms to provide specialty benchmarking services to their SMB clients.
The Value Delivered:
Our solution enables accounting firms to provide important data and metrics to their SMB clients. The SMB clients use this information to increase their businesses’ efficiency and effectiveness. This allows SMBs to improve their ability to compete with larger firms in their industry sector. This allows accounting firms to retain SMB clients and increase their and their clients’ profitability.