Are your ready to create a best practice business, improving productivity, increasing profits, and expanding your reach?
What is best practice benchmarking?
Best practice means finding and implementing the best business processes to achieve your business goals.
One of the best ways to do this is through benchmarking, which enables you to compare your business with other successful businesses to highlight opportunities for improvement.
Robert Camp (1989) defines benchmarking as “the search for those best practices that will lead to the superior performance” of a business or organization. This is not the same as the more commonly used financial benchmarks which you can get from your accountant or the Tax Office. The emphasis of best practice benchmarking is on understanding the practices and processes of successful organisations to find out how they do what they do, rather than reviewing ‘bottom line’ data and trying to match or beat it.
Evaluating how your operations compare with the most effective and profitable businesses, and then using the most effective and relevant components - the "best practice" in your own business, can make a huge difference, saving you massive amounts of time and other resources “reinventing the wheel”
A best practice benchmarking strategy can help your business to:
- become more competitive
- increase sales and develop new markets
- reduce costs and become more efficient
- improve the skills of your staff
- use technology more effectively
- reduce waste and improve quality
- respond more quickly to innovations in your industry or niche
That’s why those organisations that are serious about improving performance regard benchmarking as on-going business process that is fully integrated with continuous improvement in their organizations.
However despite all of the benefits, for most SME business owners implementing a best practice benchmarking process remains out of reach for five key reasons:
- Finding the time and other resources to implement a best practice strategy
- Not knowing where to find and how to recognise best practice
- Not knowing what you don’t know and how to assess your own business processes against best practice.
- Not knowing whether a particular practice is the right solution for your business
- Not knowing the best way to implement a business improvement process based on the best practice you identify.
The SMART-Connect Best Practice Benchmarking and Business Improvement Process has been developed to address these challenges.
FAQ About the SMART-Connect Best Practice Benchmarking Tool
How long will does it take?
The Self Assessment Tool takes approximately 15 minutes to complete.
Can I start and stop at any time?
You can start and stop at any time - your personal self-assessment will remain available until completed as long as you open the link on the same computer.
Will my responses be secure?
Your responses are completely confidential and will not be used for any purpose other than for the collation of statistical data and for the preparation of your customised Business Best Practice Benchmarking Guidebook and business improvement report.
What does the Benchmarking Tool cover?
The SMART-Connect Best Practice Benchmarking Audit has been developed as a collaborative project by the SMART-Connect Advisors and Specialists, identifying the key factors or benchmarks which predict a fast growing, highly profitable business.
All together we have identified 46 benchmarks or best practice indicators based on 11 central business pillars
- Business Planning
- Customer Relationships (including sales)
- Financial Management
- Human Resources
- Company Culture
The Self Assessment Tool contains three sections:
- Rate your business against 46 statements relating to each of the 46 best practice benchmarks. You will find a (?) symbol next to each benchmark in case you need more information about what the benchmark means or how to assess your business.
- Provide basic demographic information to help us develop valuable predictors of success across industry sectors, turnover, and maturity of business.
- Self-assess your business in relation to speed of growth and profitability. Thes questions will help us develop the highest quality data possible in relation to the predictors of fast growth and high profitability.
Will I receive a copy of my responses?
You have the option to enter your contact details in order to receive your customised Best Practice Benchmarking Guidebook and business improvement report.
If you provide your email address you will also be provided with access to the Tool on an ongoing basis to help you track the growth and development of best practice in your business.
What is the Best Practice Benchmarking Guidebook?
The SMART-Connect Best Practice Benchmarking Guidebook provides a detailed breakdown of each benchmark including a comprehensive checklist of actions you need to take or items you need to cover in your business in order to meet the benchmark. ..
The Guidebook is customised to YOUR business based on your Audit responses providing you with a ready made best practice business improvement plan.
You will receive your customised copy of the Guidebook following completion of the Best Practice Benchmarking Audit.
How does the SMART-Connect Best Practice Business Improvement Process work?
It's a four step process
Step 1: Benchmark your business
See how your business stacks up against best practice in eleven key aspects of running a successful and profitable SME Business: Branding, Marketing, Customer Relationships and Sales, Operations, Financial Management, Technology, Human Resources, Strategic Planning, Risk Management, Business Systems and Company Culture. It's free and completely confidential.
Step 2: Develop a business improvement Plan
Once you've completed the initial benchmarking process we'll connect you with a key advisor who will help you identify those processes that are most critical to your success, which processes provide the greatest opportunities for improvement, and which processes offer the greatest ROI.
Up to this stage, it's completely free, there are no catches and no obligation. Guaranteed!
Step 3: Find the Right Advisors or Advisory Board
What you do next is entirely up to you.
- You can do nothing
- You can work on the recommendations yourself
- You can take the recommendations to your own advisors to implement
- You can elect to work with a SMART-Connect Board of Advice - a hand picked team of advisors who will combine their specialised knowledge and expertise working with you to develop and implement a practical, customised business improvement plan, aligned with your business goals and objectives so you can be the best of the best in your industry and niche.
Step 4: Review, revise and repeat.
We recommend that you repeat the Best Practice benchmarking process on an annual basis so that you and your advisors can ensure that you continue to focus on the business improvement strategies which will provide the best possible outcomes for your business.
Take the 15 minute Best Practice Benchmarking Audit to receive the Business Best Practice Benchmarking Guidebook and a free business improvement report based on YOUR Audit responses
More about Benchmarking
This post is one in a series designed to help SME businesses benchmark their business and create a best practice business improvement plan across all of their business processes. You can find the links to the full series here. Continuous improvement, sometimes...
The reason most businesses don’t make enough money, struggle and eventually go out of business isn’t because they are bad at what they do - the products or services they provide…it’s because they don’t know or don’t apply the best ways to run a successful,...
Have you ever thought about any of these questions? How is my competitor down the road able to charge less than me? (Or able to charge more and still have more customers?) Is my business fully protected against risk? Which forms of marketing should I be...