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The benefits of benchmarking.
More and more businesses are discovering the benefits of benchmarking and of developing a plan of best practice. Is it something that your business could consider?
In a nutshell, benchmarking involves measuring the performance of one's business against that of others in similar markets. It has been described as "the practice of being humble enough to admit that someone else is better at something, and wise enough to try and learn how to match and even surpass them at it."
A good benchmarking review will allow you to determine how well each aspect of your business is faring, discover areas where you need to improve, and develop a plan for achieving those improvements. Before you can decide where you are going, you need to know where you are now - and benchmarking can help you do this.
The Government-funded Small Business Service cites ten key reasons for implementing a benchmarking process for small businesses:
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