Joe Sanders at the Cumbria Chamber interviewed Mark about all things benchmarking and Benchmark Index as part of their podcast series. You can link to the podcast on their website here.
They discussed the benefits of benchmarking to SMEs and the different tools available, such as the Business Model Diagnostic, Supply Chain Performance and Growth Segmentation and Digital Maturity. Here are just a few of the well-established benefits that businesses can expect from benchmarking:
- Improved Performance and Efficiency. SMEs can identify areas where are underperforming and make targeted improvements.
- Cost Reduction. SMEs can identify cost-saving opportunities by comparing their cost structures and processes with competitors or industry benchmarks.
- Enhanced Product Quality. Businesses can learn from industry leaders’ quality control processes and implement them to make higher-quality products or services.
- Increase Customer Satisfaction. Benchmarking helps SMEs understand customer expectations better which leads to happier, more loyal customers.
- Strategic Decision Making. SMEs gain valuable market intelligence and insights into industry trends, helping them adapt to changing market conditions and make more strategic choices.
Over the past 25 years, Benchmark Index has helped 500,000 businesses across 46 countries gain valuable insight into their business. Browse these pages to learn more and get in touch. We are always happy to discuss how benchmarking can improve business performance.