Benchmarking is one of the most powerful yet misunderstood tools in business

Many accountants and business owners avoid it — not because it doesn’t work, but because of a few persistent myths that limit performance and growth.

Myth 1: “Benchmarking is only for big businesses.”

Truth: Benchmarking is actually more valuable for small and medium businesses. These businesses operate with tighter margins, smaller teams, and less room for error. They often make decisions based on instinct or limited financial data — which can hold them back from their true potential.

By comparing results to the Top 20% of performers in your industry, owners and accountants gain something priceless — clarity. They can see exactly where profits leak, where efficiency lags, and which levers to pull first to create real improvement.

Benchmarking isn’t about spreadsheets or averages — it’s about turning data into direction. It helps every business owner answer one simple but vital question: What do the best businesses do differently, and how can we get there too?

At TaxFitness, our Top 20% Business Benchmarking System empowers accountants to bring these insights to life — transforming conversations from compliance to growth, and from guesswork to measurable progress.

Because, as Deming taught the world: no process is ever good enough unless it’s compared against a higher standard.