The Power of Benchmarking
Benchmarking performance against your competitors or industry peers is a hugely insightful, but highly under utilised exercise.
It seems a number of factors limit its use – he difficulties in measuring non financial outcomes, the challenges in comparing apples for apples and the fear of being judged. But in my experience the value and benefits of knowing where you stand is simply too great to ignore. Whether you think you are doing well or not, knowing how you rank is such a vital piece of information for good decision making.
The team at the Business Factory have developed a powerful ‘Business Assessment Tool‘ (the BAT) that assesses a company’s capabilities across all critical business functions providing a visual representation of areas to work on and where other businesses are doing better.
How does your business stack up? Take the BAT and find out.