What it is and why it’s important to small business owners.
Benchmarking is the process of using various financial metrics to evaluate the performance of a business against its competitors in an industry.
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How it is Used
Companies from different industries use benchmarking to gauge the strengths and weaknesses of their business. Benchmarking helps companies identify problem areas and make necessary changes based off of others who have seen more success in the industry. Some organizations also use internal benchmarking as a way of improving performance in different departments.
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