Benchmarking your business performance against others in your industry helps you assess your business performance. Looking at the numbers of others in similar businesses allows you to assess your business and pinpoint where your business performance could be better. Look at key industry benchmarks for margins, labour productivity, profitability, stock turns, working capital performance and banking ratios to see how your business performs. Knowing a few key numbers can show you the key areas to focus on to improve your business performance.
Benchmarking your business can improve your business profits.
Integrating benchmarking into your organisation will result in valuable data that will encourage discussion and spark new ideas and practices for business improvement.
Benchmarking will help you:
- Gain an independent perspective about how well you perform compared to others
- Clearly identify specific areas of opportunity
- Prioritise improvement opportunities – focus on where the biggest gains can be made
- Set performance expectations and targets for yourself and staff
- Monitor company performance and manage change
A benchmarking process involving your team will:
- Improve understanding of the real opportunities and their priority at all levels
- Minimise resistance to change and get your team on the same page
- Foster a spirit of enthusiasm to do better than the external benchmark
SMEtric has access to an extensive library of benchmarking material in NZ and Australia.
Find out where your business sits and where to focus for potential improvement. Close the gaps between your business performance and the best performers in your industry.