The service industry is often the hardest hit when the boom times are over. Customers start looking for ways to cut their spending and it is usually those non-essential services which are the first to go in any cost-cutting measure. As a result, service companies must work smarter, not harder, to remain competitive and profitable.
EBC can help with this process with the new Business Benchmarking Guide for Service Businesses. It was published because of popular demand from our customers who could not find a specific industry benchmarking guide to suit their business but still wanted to go through the benchmarking process.
As a result, this generic benchmarking guide has been specifically created to provide small, service business owners with an easy and effective way to look at their business and identify ways it can be improved. It is designed to help you understand the principles of benchmarking so you can successfully benchmark your business yourself.
Instead of the statistical figures which are contained in EBC's industry-specific benchmarking guides, we grouped common service key performance indicators together and developed action strategies which are relevant to any service business. This guide outlines what are the Key Performance Indicators (or ratios) for service businesses so you know exactly what financial figures you should be looking at for your own business and it also suggests ways in which you can benchmark your figures.
Although this guide doesn't contain the statistical data for your industry, it does contain more than 200 pages of essential information, split into 11 tabbed sections covering:
- What is benchmarking
- Identifying your strengths and weaknesses
- Action strategies
- Managing costs and suppliers
- Managing cash flow
- Managing personnel
- Marketing strategies
- Financial management
- Benchmarking business planning
- Business resources
Plus, as an added exclusive offer for guide purchasers, you can submit your performance results to our experienced benchmarking consultants who will check and review your performance for free ($105 value). We will then send you an analysis of your performance. This is the first step in the benchmarking process.