- Description
- Specifications
Benchmarking is the comparison of a business' operating key performance indicators and financial ratios with best practice and average performance data relating to similar businesses.
It is very difficult, in small business, to find authentic data against which to compare your performance to that of your peers, as this information is generally not known or released. It makes it very difficult for small/medium enterprises to know where they stand relative to:
- revenue generated per employee;
- gross profit percentages;
- labour to turnover percentages;
- net profit percentage to turnover; and
- other performance data, as compared to the overall industry performance figures.
This paper is presented with the following headings:-
- What Is Benchmarking?
- Benchmarking Is No "Fad"!
- Helps To Achieve High Performance
- Benchmarking Applies To The "Total Business"
- Benchmark Regularly
- Where Can You Improve?
- Benchmarking Helps To Fix Problems
- Worry About What You Can Fix
- What Does Benchmarking Analyse?
- Payoffs Can Be Great!
- Looking "Over The Fence"
- Benchmarking Will Help To Sell A Business