4 Key Considerations When Benchmarking
Tuesday, March 27, 2012
By: Susannah Morgan
As a small business owner, it’s vital to take a step back every now and then to review the business plan of your company. Benchmarking is a great way to compare the success of your company to those in your trade. Look at those companies that are of a comparable size and have related objectives as yours. Gather research from industry groups who collect poll data from their members. In the current economic times, benchmarking is especially important. Below are 4 things to consider during this arduous but essential process:
What are your company’s specialties? If you don’t already have a niche in mind, now is the time to focus on what your company does better than your competition and market it to your prospects.
Have you evaluated your pricing options recently? It’s still early enough in the year to think about restructuring your pricing.
3. Customer Service.
A company’s customer service can make or break a small business. It’s the one thing that can make prospects choose you over a big brand. Is it a strength or weakness? Find ways to serve your customers better even if you already pride yourself on your excellent service.
4. Social Media.
Gone are the days of “Twitter-what?” and “Facebook-who?” According to Nielsen data, more than 80% of all Americans use a social network. Your small business needs to have a web presence on both of these avenues to get ahead and stay there.