Benchmarking in Nottingham
Benchmarking
What is Benchmarking?
Benchmarking is a process where you measure your company’s success against other similar companies to discover if there is a gap in performance that can be closed by improving your performance. Studying other companies can highlight what it takes to enhance your company’s efficiency and become a bigger player in your industry.
Step-by-Step Benchmarking
Benchmarking is a simple, but detailed, five-step process:
- Choose a product, service, or internal department to benchmark
- Determine which best-in-class companies you should benchmark against – which organizations you’ll compare your business to
- Gather information on their internal performance, or metrics
- Compare the data from both organizations to identify gaps in your company’s performance
- Adopt the processes and policies in place within the best-in-class performers
Benchmarking will point out what changes will make the most difference, but it’s up to you to actually put them in place.
Benefits of Benchmarking?
What are the Benefits of a Benchmarking?
Competitive Analysis
By identifying areas you wish to improve on in your business and benchmarking your existing performance against competitors, your business can strive to enhance your execution tenfold. Using benchmarking this way has allowed businesses to gain strategic advantages over competitors and grow industry averages.
Monitor Performance
Benchmarking involves looking at current trends in data and projecting future trends depending on what you aim to achieve. In order to know you have been successful, benchmarking needs to be a continuous process. Monitoring performance is an inherent characteristic of it.
Continuous Improvement
As well as monitoring performance, continuous improvement is an essential attribute of benchmarking. This is because the aim of benchmarking is to improve a certain element of a business. This improvement should be something that improves over time and is continuous.
Planning and Goal Setting
Once benchmarking has been carried out, goals and performance metrics are set in order to improve performance. These goals are new, more competitive targets for a company but they must be achievable. If goals are unrealistic to achieve teams become demotivated and goals are destined to remain unfulfilled.
Encourage Ownership
When companies look at their processes and metrics they need to ask hard questions to get all the answers they need. This includes talking to everyone in the business and understanding their roles. This means that employees will take pride in their job and the work they do. This pride leads to better performance and higher-quality end results.
Understand Your Companies Advantages
Benchmarking identifies where your company is right now compared to where you want it to go. If you are looking at improving any process in your business, benchmarking is a way of looking at how you can excel and become more successful through outlining the steps needed to achieve your goal.
How can Seagrave French help you?
How can Seagrave French help you?
Ever wondered how you rate against others in your industry, to help identify the areas where there is an opportunity for improvement.
Use our benchmarking service and report to see…
- How you compare against the industry average
- The best and worst statistics in your industry
We’ll identify how you compare in all sorts of key areas including…
- Sales levels and growth rates
- Debtor days – how good you are at collecting in the cash!
- Gross and net profits margins
- Liquidity
Contact Us
Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.
