BENCHMARKING

Benchmarking

What is Benchmarking?

Benchmarking is an effective tool to in comparing and measuring your business in relation to similar businesses within your industry. This allows you to have an overview of some of the factors currently driving success in an industry and apply or incorporate strategies within your own business.

There are a number of ranges and factors that are taken into consideration when putting together a Benchmarking report which may include turnover, profit and location.

We find that businesses that embrace benchmarking experience faster growth based on having clearer visions of where their business is going and actively seeking best practices for their industry.

How Benchmarking Can Help Your Business?

Picture a sprinter heading out to the track for training. He goes out to the blocks, crouches in the starting position and then bounces out of the blocks at the starting gun running as fast as he can to the finish line. Wow he’s fast! Or is he? How do we know?

Simple fact is until we look at his times or see him in comparison to his competitors; we don’t actually know if he is fast or not.

If we assume that all businesses go out there to do their best, how do we know how well an individual business is measuring up without seeing it lined up against its peers?

Benchmarking is an open view of your competitors best average times and provides you with business perspective in order to remain competitive and reach for greater heights. It makes it easier to set performance expectations and identify areas of opportunity.

Why do you need to do competitive benchmarking?

Essentially so you can be a better company. By going through the process you will find areas to improve in your business and have a way to track and measure.

How often should I be benchmarking?

Benchmarking reports can form part of your annual business review and allows you to set targets for the following financial year.

How do I apply the outcomes from a benchmarking report?

That’s where we come in. We help you with your long and short term business goals to improve figures year-on-year and assist in reporting and identification of areas of improvement.

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