BENCHMARKING AND BEST PRACTICES 101What Are They, How Do You Benchmark& 5 Rocking Infographics
BEST PRACTICE:a proven method, process or technique in a given areathat has consistently achieved successful resultsbetter than other means.
TODAY’S SMALL BUSINESS OWNER ISFACED WITH NEW CHALLENGES DAILYAND OFTEN REQUIRES FINDINGBUSINESS SOLUTIONS AND IDEASFROM OTHERS.
INFORMAL BENCHMARKING PRACTICES Talking to colleagues and learning from their experiences Consulting with experts Networking at conferences, seminars, and internet forums Publications that share benchmarking information
BEST PRACTICES HELP BUSINESSES Identify what works Avoid losing time and money trying other techniques that might not prove as useful Avoid a detrimental mistake Improve performance Propel the company forward
METHODOLOGY TO STUDY BEST PRACTICES 1. Identify one process, area of business or service that you want to improve 2. Find one metric with which to measure success 3. Create a list of competitors and other businesses in your industry 4. Compile information for each one on what best practices they have used as well as what has not worked 5. Adapt each best practice to your specific business 6. Evaluate your current situation 7. Implement the process and measure the results.
BORROWING AND IMPLEMENTING BESTPRACTICES FROM OTHER SUCCESSFULBUSINESSES AND INDUSTRIES CANCONSIDERABLY GROW YOUR SMALLBUSINESS. TAKE THE TIME TO LEARN THEFACTORS OF SUCCESS AND YOURBUSINESS WILL EXCEL.
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