Benchmarking update Q&A

Benchmarking update Q&A
In the business world, benchmarking is the continual refinement of your business by comparing it to the best of the best in the same industry.

When was the last time you benchmarked your performance?

Do you do it on a continual basis?

How often do you rethink what you are doing based on your measures?

Here’s a quick refresher on the benchmarking steps:

1. Identify the areas or processes you want to evaluate. These should be activities that provide you with a competitive advantage.
2. Determine which output measures you want to improve.
3. Pick the highest performers in within your industry and those of similar industries. Do not limit yourself to only your industry benchmark against industries that perform the best in the operational segments of your business. For example, if your business repurposes furniture you may benchmark other furniture businesses but you may also benchmark other company’s logistical operational framework, delivery mechanisms, material sourcing and others.
4. Determine the measured distance between the benchmarked company’s performance and your business.
5. Develop a tactical plan for addressing these gaps.
6. Implement the necessary operational components to address the gaps.

So benchmarking can get you from good performance to great performance.

How can you be even better? Innovation!