While you are developing your business, it is important to keep on eye on your market position. A great way to do this is through benchmarking, where you measure the performance of your business 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 achieving and maintaining these results yourself
Benchmarking is about acknowledging your strengths and weaknesses, and identifying areas of opportunity and improvement.