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A business benchmark is a standard measure that can be used to compare results to your industry or competition. They are based on business metrics that can be calculated internally and compared to industry statistics or competitive intelligence. In many cases, governments publish benchmarks for small business. Benchmarks are also available from industry associations and primary sources such as the annual reports of a competitor. The following are common types of business benchmark.
FinancialBasic financial information such as cost of capital and margins.CostsBenchmarking costs in a particular category such as customer acquisition cost.Customer Customer satisfaction and similar metrics that measure the customer experience.EmployeesEmployee turnover and satisfaction.
ProductivityLabor productivity related metrics such as revenue per employee.Products & ServicesComparisons of product performance such as a figure of merit.BrandBrand metrics such as brand awareness.QualityQuality metrics such as product ratings.Customer ServiceCustomer service metrics such as first response time.SalesSales metrics such as market share or churn rate.OperationsOperational efficiency indicators such as cost per unit or process cycle times.FacilitiesMetrics related to the management or efficiency of facilities such as the energy efficiency of a data center.InfrastructureInfrastructure performance such as the latency of a network connection to a data center.ProjectsIn industries such as construction where projects are a primary business capability, project metrics such as return on investment may be compared.RiskRisk benchmarks such as levels of risk exposure.SustainabilitySustainability metrics that look at waste, resource efficiency or community impact. |
Type | | Definition | A standard measure that can be used to compare results to your industry or competition. | Related Concepts | |
Metrics
This is the complete list of articles we have written about metrics.
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A few examples of benchmarking.
A definition of benchmarking.
The common types of internal benchmarking.
The difference between a baseline and a benchmark.
A definition of functional benchmarking with examples.
A definition of best in class with examples.
A definition of competitive benchmarking with examples.
A definition of cycle time with examples.
A guide to market share analysis with examples.
A list of common business metrics.
How to measure innovation including early stage, late stage and overall program metrics.
A list of common ways to measure marketing results.
A list of common productivity metrics.
A list of common performance metrics for businesses, programs and employees.
A list of common management metrics.
The common types of measurable business goal with examples.
An overview of status report with full examples.
A comprehensive overview of management accounting.
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