Before considering a benchmarking tool, we need to consider that there are two types of benchmarks,
- Subjective – where we obtain information by asking a person’s opinion, and the responses generally are influenced by experience (usual response if a ranking 1 to 5 or something like that). A few well-recognised commercially available benchmarks use this methodology.
- Objective – where we obtain facts, financial benchmarks are of this type. Other objective benchmarks utilise material inputs relative to output such as profit etc.
Depending on the type and provider, commercial benchmarking can cost upwards of $3,000. We offer a comprehensive financial competitor benchmark, a financial time series, and a subjective benchmark in the form of a business diagnostic for $1,500 +GST.