Benchmarking

While you are developing your business, it is important to keep an eye on your market position. A great way to do this is via benchmarking – measuring your business performance against that of your competitors.

Effective benchmarking

• Establishes industry standards
• Identifies strategies to achieve the best possible relationships with your customers and gain the best possible results on your bottom line
• Observes how your competitors achieve these standards and utilise these strategies
• Applies this knowledge to achieve and maintain these results in your business

Benchmarking is about acknowledging your strengths and weaknesses, and identifying areas of opportunity and improvement – based on your competitors’ performance in the marketplace.

It is imperative to always be aware of your competitor’s activities and their successes. A thorough and honest benchmarking review can help you in your business planning and cash flow management.

Benefits of benchmarking include: