Benchmarking fact sheet
Published: 10 Feb 2014
How can benchmarking assist in the management of your business?
- 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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GRDC Project Code AES00006
Region National, North, South, West
Region: National; North; South; West
GRDC Project Code: AES00006
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