Benchmarking has been described as the systematic measurement of business performance against an outside group. Through benchmarking, a business uncovers gaps in its performance. These are areas to target for improvement. Benchmarking is about finding out who sets the standard, and what that standard is.
One-off event, or process?
Benchmarking can be done as a one-off project where information is available, to allow business results and operations to be measured against a standard. However, it makes sense to use this information on a regular basis, ensuring you stay ahead of the pack.
What will benchmarking give us?
Benchmarking will allow you to ascertain:
• how well your business is performing financially compared with your competitors
• what some of the competitive advantages are that you have that can be capitalised on
• what some of the gaps in your business operations are that may need to be addressed
How can I use benchmarking to improve the business?
Benchmarking when used in conjunction with strategic planning will assist you to achieve your business goals. While working through a strategic planning process you will achieve an understanding of the critical drivers of profitability, which is the lifeblood of the business.
Who can use benchmarking to improve the business?
75% of small and medium sized businesses surveyed are looking for advice on profitability and performance. Fast growing companies that used a benchmarking database to measure business performance against their peers achieved 69% faster growth and 45% greater productivity than those who did not
Can you afford not to explore this cost effective and easily accessible service?
How can I find out how my business is performing?
Our benchmarking service uses information from a secure, confidential national database, meaning your data will be compared with results achieved by others in your industry and sector. We can even tell you how many businesses are being compared with yours.
I’m concerned about the confidentiality of my data!
Our benchmarking service is confidential - the name of your business, or the names of those you are benchmarked against are kept secret
What will benchmarking services cost?
The cost is minor when compared to the benefits that will be reaped from the process.
Talk to us about benchmarking - getting an understanding of its benefits will cost you nothing.
