How To - Benchmark your business



There are normally 4 stages to benchmarking:

  1. Gathering together information.
  2. Comparing the results of that information.
  3. Analysing the information fully.
  4. Implementing strategies to improve.

 

  • Gathering Information
    Benchmarking can assist in the improvement of any business. Benchmarking allows the gathering together of information relating to your business and then measuring that against the results achieved by similar businesses in the marketplace. This will result in identifying areas where your business can improve its performance by strengthening its weaknesses and utilising its strengths more.

    The factual information extracted is easy enough to put together, but there are also other areas, such as customer reaction and satisfaction that are more difficult to gauge or record. In any case, the gathering together of information is the most important first stage of benchmarking.

  • Comparing the Information
    The data gathered is of no use unless there is a person with the experience able to understand the figures and other data generated. There must be a...

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How To

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