Home > > Business General > Managing your business > Benchmarking: not just a large company concern
It is not only large businesses that need to apply benchmarking techniques.
The expectations of the global consumer are such that businesses now have to compete on standards of service and price, regardless of their size.
Research has indicated that many companies are missing out on significant profit opportunities by not implementing best practices.
The Benchmark Index, created by the UK's Small Business Service, allows you to compare your business against over 2,000 benchmark results.
Benchmarking can help to improve productivity and competitiveness, and can reveal new business opportunities.
If you think your business has room for improvement in performance and profitability you might start by completing the free online 'healthcheck'.
This will help you gauge the performance of your business in the areas of finance (including R&D and marketing expenditure, turnover, and loans), customer service, innovation and suppliers, and employees.
Visit www.benchmarkindex.com for more details.
Beechams LLP is registered in England No OC304423. A list of members is available at 3rd Floor, 167 Fleet Street, London EC4A 2EA.
Beechams LLP is a member of the UK 200 Group, an association of independent practising Chartered Accountants.
Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.