There are three aspects to the business process of benchmarking. It is a tool that you can use to measure internal performances against best practice. You can use it to compare your business performance against an immediate competitor, and you can use the premise to look outside your own industry and measure against critical quality factors in other industries.
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- Recognise the four aspects that you can benchmark against and assess the key performance measures that are appropriate for your business.
2. Create a plan for the benchmarking process
3. Analyse the results, bearing in mind the potential return on investing in operational changes
Please do share your experiences with these models in the comments below. I am building a portfolio of small business case studies and would love to include examples of what has worked well for you.
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