Knowing where your business is, makes it easier to know where you’re going
As specialist providers of business services for Chiropractors, we are constantly seeking innovative new tools which we can tailor to your specific needs.
So here’s another of our great ideas…Benchmarking, tailored to the Chiropractic profession.
Benchmarking is one of the most effective means of identifying opportunities for improvements which can make a significant difference to your business. It’s the process of determining industry standards, and where your business stands in comparison to these standards – you need to know where you stand amongst your competitors in the marketplace in order to be able to identify any opportunities for improvement.
Now we’re not claiming to have invented Benchmarking, the fact is that it’s not new. We all perform it to some extent every day and never give it a second thought.let alone spend time describing it as benchmarking. Imagine you played tennis against a friend on a regular basis and won repeatedly. Convinced as you are from this that you are a good player, you then enter a local competition, only to end up losing in every match. By benchmarking yourself against others in the same activity you realise you did not stand where you thought you did. Would you then aspire to be like the other players? if you then seek to improve your technique (and let’s face it, who wouldn’t!?) would you consider asking them for tips on improving the parts of your game that you think need work?
Back to Chiropractics.at finance4chiropractors, we have drawn upon our knowledge and understanding of the Chiropractic industry to highlight what we consider to be some of the most significant industry-specific statistics to benchmark. By measuring the results of these statistics against each other we are able to identify the industry standard and see where you stand compared to it.
We are currently in the process of collecting a bank of data from our Chiropractic clients, which in due course, will enable us to provide this service to other chiropractors. Of course, individually this data will remain confidential, but collectively we are able to use this behind the scenes for analysing trends and averages.
Each Chiropractor wishing to take part in this initiative will receive a personalised benchmarking report. There will also be an opportunity for a follow up meeting with one of our qualified accountants to discuss how and where improvements could be made which are both easy to implement and the results of which will go straight to your bottom line.
Benchmarking may be a one-off event, but is often treated as a continuous process in which organisations continually seek to improve their practices. Improvement is a never ending journey.