How to Benchmark Your Business

Entrepreneurs Brief Guide - How to Benchmark Your Business

Benchmarking can be defined as the process of comparing your business performance with that of the industry average. It is of statistical importance and is used to highlight the gaps in your business or the areas that need improvement in order to achieve business growth. But benchmarking is only a tool and does not provide any solutions on how to bridge the gap. Usually, the business statistics are compared with those which are the best in your field.

In 30 minutes, learn how to: (a) Establish what parameters to benchmark, (b) Set a plan for benchmarking, (c) Gather information and (d) Carry out a benchmark exercise