Transcript of "Business Reporting Bureau BRB world first live business benchmarking media release 1707"
FOR IMMEDIATE RELEASEThursday 17 July 2006 Live benchmarking sheds light over ominous small business gloomBusiness Reporting Bureau (BRB) has released a world first ‘live’ online benchmarking servicegiving businesses the power to evaluate their performance against that of their competitors inreal time.“Comparing yourself to others is the most important guide when it comes to ensuring the ongoingsuccess of your business and there has never been a more important time to empower businessesthan now”, said Chris Russell, BRB’s Chief Executive Officer.“According to the latest Sensis Survey, we have just had the most dramatic fall in businessconfidence in fourteen years. Combining this with interest rate rises, share market losses, theimminent escalation of energy costs and the current escalation of fuel costs, it is imperative businessowners be informed about their comparative market performance as it is happening if they want tostay afloat’, Mr Russell said.“It is paramount that live information starts to feed into the business environment to ensurebusinesses are able to react and change strategies as soon as conditions affecting their businesssuccess or consumer habits are seen to be changing. If they receive that information 3 or 6 monthslater by then it could be all too late. This could mean the difference between success and failure”.In a meeting with BRB yesterday, Tony Steven, Chief Executive Officer of COSBOA (Australia’sleading small business lobby group), reinforced the timeliness of BRB’s live performancebenchmarkingMr Steven emphasised the need to lessen business failure rates and provide live performancebenchmarking and business education to ensure a stronger chance of survival and prosperity inincreasingly volatile economic times.BRB’s live worm benchmarking graphs allow individual businesses to look at KPIs, receive liveupdates on the movement of these indicators and then track their individual performance trends asthey occur.“BRB benchmarking services are an example of simple and cost effective solutions now essential inorder to keep businesses informed. With the ABS now reducing business surveys, (AustralianBureau of Statistics have just shed $22million from their annual budget), the need and urgency forreplacement reporting in today’s economic climate is dramatic”, Mr Russell said.Most recently, BRB has secured the support of the National Institute of Accountants (NIA) who is oneof a growing list of concerned bodies working with BRB to develop a range of live businessperformance indexes across the accounting profession, SMEs and even consumer groups,(pharmacies, backpacker accommodation and real estate agencies being the latest BRB additions).“The scope is limitless. Technology such as that BRB has developed allows live industry specificbenchmarking solutions to be literally created and released overnight. BRB is even beginning to mapand compare the microeconomic performance of whole business communities live, for example”, MrRussell said.
BRB’s new live worm graph can be viewed on BRB’s home page at www.thebrbgroup.comFurther InformationBusiness Reporting Bureaus founder and CEO is Chris Russell of Venture Plus Pty Ltd. Venture Plushas a solid history of developing and supplying solutions in business performance assessment. Since1992, Venture Plus has forged long-lasting business relationships with many leading corporateorganisations, both around Australia and internationally.Business Reporting Bureaus chief, Chris Russell, has become a sought after guest speaker on livebenchmarking. It is becoming widely acknowledged that live benchmarking can permanentlytransform the performance capabilities of SMEs in Australia and around the world.BRB’s world first live worm development is the result of 6 years of research and development and 12months of trials.BRB’s market sector reports, including BRB’s non-business projects based on consumers and energyconsumption/ greenhouse gas emissions, will now include the reporting power of the live worm aswell.BRB indexes are live and continual, with updates occurring monthly, weekly or even daily.Performance trends showing the impact (or not) of new staff, new marketing activities or any otherbusiness strategy, will immediately be assessable using the BRB service. The service is completelyanonymous.The AAAT Star Rating Group has also recently joined forces with the HMAA (Hotels Motel andAccommodation Association) Vic, to promote BRBs live benchmarking index in that sector. Propertyowners / managers will be able to see how they are performing in key areas of occupancy andaverage room rate against their competitors.BRB will also be supplying to this sector its latest cutting edge product: the BRB CSS service. BRBCSS is an online Customer Satisfaction Survey facility that is extremely simple and quick to use andwill empower all properties to truly evaluate the quality of their facility from a customer perspective.(BRB is also supplying this service into other industry sectors such as accountants and law firms.)Media contact:Chris RussellChief Executive OfficerBusiness Reporting BureauPh: 03 8562 2219Mobile: 041 2040301