Benchmarking
The process by which you measure various aspects of your systems (e.g., speed, efficiency, cost, amount of product). https://getsling.com/blog/business-terms/
A business practice that involves comparing the performance, processes, or outcomes of one company or organization against those of other companies or organizations in the same industry. Benchmarking can help companies identify areas for improvement and best practices that can be adopted to increase efficiency and effectiveness. This can involve measuring a range of metrics such as financial performance, customer satisfaction, or employee productivity. By understanding how they compare to their peers, companies can set goals and develop strategies to improve their performance and achieve greater success.
An example of benchmarking in business coaching could be comparing the performance of a client’s business to other businesses in the same industry. The coach could help the client identify key performance metrics such as revenue growth, customer satisfaction, or employee retention rates, and then gather data from other businesses to compare their performance. This can help the client understand where they stand in the market and identify areas where they can improve to stay competitive and achieve greater success.
Benchmarking DEFINITION:
Benchmarking QUOTE:
1. "Good artists copy, great artists steal - but smart businesses benchmark to stay ahead of the game!" 2. "Without benchmarking, how will you know if you're a racehorse or a donkey in the business world?"