Myth 3: We already do benchmarking, we track KPIs

I hear this every week from accountants. And here’s the truth: KPIs on their own are just numbers. They only become meaningful when compared to a higher standard.

W. Edwards Deming said it best:

“No process is ever good enough unless it is compared to a higher standard.”

Most firms track KPIs in isolation:

• Gross profit
• Wages %
• Charge rates
• Productivity
• Net profit

But without context, those numbers don’t tell the real story.

• A café sitting on a 65% gross profit feels “fine” until you show them the Top 20% at 74%. That’s a 9% gap they never knew existed.
• A trades business at 14% net profit thinks they’re doing well until the benchmark shows 24%+ for top operators.

This is where firms get stuck: KPIs become reporting, not advisory.

Clients don’t need more numbers. They need meaning. They need context. They need to know whether their performance is good, bad, or miles behind the best in their industry.

Benchmarking turns KPIs into action. It answers the question every business owner actually cares about:

“How do I compare — and how much extra profit is possible?”

If you want KPIs to drive real change, stop looking at them in isolation. Benchmark them against the Top 20% and watch your client conversations shift instantly.