Compared to What? | Ep. #56

Summary: In Ep. 56, One of the best ways to keep your business operating successfully is by continually measuring and comparing its performance against competitor averages, a concept more formally knowing as: benchmarking. Benchmarking is the process of comparing your business processes and performance metrics to competitor bests or, best practices from other industries. Dimensions typically measured are quality, time and cost. In a business world, where things seem to change in a speed of light, more and more businesses are taking advantage of smart, industry-savvy benchmarking guides to beat competitors at their own game. Benchmarking takes financial figures and converts them into ratios, that allows a comparison of your results to those of your competitors. Having these measures in place helps prepare businesses for taking the next step, whether it is for listing, sale or attracting new investment. (You can follow me on Instagram- Sattyam03)