• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Connect – Akron Today
  • Advertising
  • Akron Jobs

Akron Today Magazine

Akron Lifestyle and Entertainment

  • Home
  • About
  • Family
  • House & Home
  • Food
  • Health & Fitness
  • Autos
  • Money
  • Travel
  • Profiles
  • Business

What is External Benchmarking and How Does it Help?

Many small business owners think that external benchmarking is a complicated process, which only large corporations can benefit from.  They believe that there’s no advantage to be gained for their small company by doing it.  Also, even if they wanted to do it, they think the process is cost prohibitive, in addition to requiring time and manpower they don’t have.

And while this can be true, one methodology has a 12 step procedure, it doesn’t have to be that way.  There’s no universally accepted template for the process.  In its most basic form external benchmarking is simply a way to measure your company’s performance in a certain area (i.e., operations, quality, profit and loss, technology) against the best practices of other companies.

Comparing your company practices to another’s best practices provides you with 2 important things.  One is benchmarking gives you insight into how your procedures, operations and costs compare to other companies who’re “doing it right”.  Small business owners who lack basic, broad based knowledge of standard business practices, let alone best practices, is epidemic.

Secondly, benchmarking is a way to learn from the mistakes and experiences of others, without having to go through them yourself.  If you’re willing to learn from the process it’ll give you the perspective, insight and knowledge you need to stay competitive through effective management of goods, services, operations and costs.  External benchmarking provides numerous competitive advantages.

For example, a fictional Akron machine shop had significant employee theft.  The owner learned the best practices for correcting the problem from the owner of a plastics fabricator in Elyria.  However, when the problem was maintaining calibration of his machines, he sought out the best practices of the non-competitive machine shop 2 streets over.

External benchmarking doesn’t have to be complicated or costly.  It can be a onetime event related to a specific problem or an on-going course of action focusing on one or more problems.  It’s impossible for a small business owner to know everything he needs to know to stay competitive and make a profit.  Therefore, it’s worth the time to learn if external benchmarking is right for you.

 

You Also Might Like

The essentials of planning a momentous wedding in Akron, Ohio
Made in Akron  | Heard Worldwide
Best Akron Marketing Agency
Shopping Around - The New Norm

Akron Today Regional Magazine

Akron Today Magazine covers the greater Akron area including Hudson, Brecksville, Medina, Doylestown, Macedonia. Aurora, Green, Brimfield, Sagamore Hills, Mogadore, Tallmadge, Bostom Heights, Montrose and Kenmore

We now offer great recipes at the best recipe site for Akron area residents so you can be more healthy while cooking at home.

Primary Sidebar

Connect with Akron Today

Latest

Interesting Facts About Akron

Hilarious “Will There Be Free Appetizers?” Interview with Don Ake

Akron Kayaking

Estate Planning Pitfalls – 5 Things You Need

How To Raise a Happy, Healthy Kitten

Akron Today Magazine is part of 

Footer

Magazine Resources

  • About Akron Today
  • Contact Akron Today
  • GR8TR Today Magazine
  • Food Blog

Advertising Opportunities

  • Business Sponsors – Get Local Visibility – Thousands of Readers
  • Free Magazine Publicity
  • Submit a Quote for Consideration

Marketing Agencies in Akron Area

Akron Today Magazine can be an extension of your marketing services to Northeast Ohio companies.  Find out the details here.

Talented Writers Wanted

  • Akron Today Magazine Internship
  • Akron Writing Opportunity
  • Writers Guidelines and Terms

Terms of Service

All visitors to this site agree to our Terms of Service. Always consult with a professional before following any advice you find online.

Copyright © 2022 · News Pro on Genesis Framework · WordPress · Log in