Introduction to Benchmarking

3 min. read

When you begin your practice, your primary concern is survival. But soon you’ll start asking the question, “How are we doing?” If you don’t ask yourself this, your lender probably will. The key to answering the question about the financial health of your practice is: “Compared to what?” or “Relative to what?” Benchmarking can help you answer those questions.

Benchmarking Basics

Benchmarking is not a one-time assessment; rather, it is an ongoing process to track your progress and growth against internal and external factors. By making comparisons and monitoring your own practice, you will be able to identify where you have opportunities to improve and change processes or where you’re doing really well and leading your peers.

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