Benchmarking your business involves these three key steps.
Choose performance measures
Pick metrics that are relevant to your business. These can be a combination of industry-specific measures and general productivity or financial metrics.
Compare against industry data
Next, compare your results against industry data.
Use the results to improve
Use the results to analyze your operations to see where you can eliminate waste—whatever doesn’t add value for your customers. Regularly monitor your data to make continual improvements.
