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Improving Business Performance
Benchmarking is the number 1 management tool for improving performance. benchmarkindex® provides World class benchmarking techniques to SMEs to help increase turnover, boost profits and improve productivity.
benchmarkindex® provides an holistic approach, based around the balanced scorecard, that allows a business to not only measure its performance but to compare that performance with a chosen peer group and objectively identify areas where it needs to improve.
Figure 1 - The Balanced Scorecard
Step 1 – Measure
You can’t manage what you don’t measure. Measurement in itself delivers substantial improvements, by allowing business owners and managers to identify and understand their key performance indicators.
Step 2 – compare
Performance is a relative indicator. You can only properly understand how well you are doing by reference to others. A 10% net profit margin is only useful if you know what sector norms are. If you were to realise that sector norms are 15%, your response would be entirely different than it would be if the sector average was 5%.
There are more than 100,000 company records within the database, allowing businesses to compare their performance with that of a suitable peer group across many indicators.
Step 3 – improvement plan
With a trained facilitator, the business will go through a cause-and-effect analysis to determine the causes of underperformance. A strategic improvement plan is put in place to overcome the constraints identified.
