Turn underperformance into high performance

Benchmark the performance of your business

To build a successful business, you should benchmark your performance against that of your competitors and other businesses in your sector.

It's important that you stay aware of:

• how well you're performing in comparison with others in your sector
• whether the full potential of your staff is being realised

To judge the first of these, you need to identify the key factors that drive success in your sector. This might involve comparing your business with a successful competitor in your local area and trying to pinpoint what helps them perform so well. But there's nothing to be lost by thinking big. For example, a small manufacturer of soft drinks might look at Coca-Cola to determine what it is about the company and its products that has made it so successful.

Look at the factors that drive purchasing decisions in your sector. Give some thought to exactly why your customers choose to buy from you. Is it your prices? Is it familiarity? Is it the result of advertising? Consider also why other people - potential customers - don't buy from you but choose instead to buy your competitors' products or services.

You should also look at how the contribution of your staff to your business goals compares with your competitors. Look at key performance or productivity indicators which impact on the key factors for success you've identified. These indicators might include things such as sales or production per employee.

Subjects covered in this guide

• Introduction
• Benchmark the performance of your business
• Identify skills gaps holding you back
• Make the most of the skills your staff already have
• The importance of leadership
• Use staff training to improve performance
• The benefits of qualifications and accreditations
• The new Investors in People Standard
• Practical considerations

 

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