Strategic Planning: Benchmark Your Place in the Pack - dummies

Strategic Planning: Benchmark Your Place in the Pack

By Erica Olsen

In strategic planning, benchmarks are surveys and assessments that help determine how well your company performs compared to other companies in your industry or business size. Following are just a handful of benchmarking tools available:

  • BizStats: Visit the BizStats website for instant access to useful financial ratios, business statistics, and benchmarks. BizStats has effective and understandable analysis of businesses and industries. You can benchmark a business in five seconds for free.

  • Business Report Card: This assessment helps companies pinpoint strengths and weaknesses, capitalize on an existing client base, develop invaluable networks and alliances, and increase profitability. To see whether you’re making the grade, go to the Business Report Card website.

  • B2B Benchmarking Association: This association brings together a variety of companies for the purpose of process improvement and identification of Best Practice companies through benchmarking. Check it out online.

  • BizMiner: Check out BizMiner to produce a granular industry statistical report for your industry. The site offers industry financial analysis benchmarks for more than 5,000 lines of business and industry market trends on thousands more. Report access requires an affordable subscription fee.

  • Fintel: This organization has both free and paid access to a financial benchmarking database of privately-held companies. Two products to help your benchmarking include an industry metric report and a business scorecard. For more information, check it out their website.