How can benchmarking assist in the management of your business?

Key Points

• The benchmarking process is commonly used for comparative analysis to improve business performance.
• No two businesses – or business people - are the same, so care is needed when comparing your business to others, as you may not be comparing ‘apples with apples’.
• Defining your goals will help clarify what is most important to measure.
• Benchmarking figures alone may be of little use without understanding their context.
• Benchmarking figures may be best used to identify the correct questions to ask of your business - they rarely provide solutions! You may need to use other tools to get those answers.
• In practice, the best comparison to make is against your own business – its performance over a number of years and its progress towards reaching your business goals.

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