Do You Benchmark?

Do you benchmark your performance against your competitors?

Though you might respond with a 'No', the answer is almost certainly 'Yes' ... but, like many others, you might benchmark informally ... 'keeping an eye on' their prices, opening hours, stock availability, product choice, or whatever it is that might differentiate them from you.

So, have you ever thought about more formal benchmarking ... joining a benchmark club where you get 'real' data on KPIs that apply to you and the rest of your sector. Almost certainly there will be such a 'club' - ask your trade association as a starting point.

Knowing what you are up against is the first step in winning!

How much does it cost?

Of course when we are looking at investment in a new piece of kit, a new service, a new building or whatever ... we have to ask the price ... and the rest of the costs incurred.

But we determine value by looking at the impact ... what it will do for our business.

We have to be able to afford it ... but we also need to know whether we can afford not to do it.

So, always look at the value, not just the cost.

Can you single task?

Most of us have become so good at multi-tasking that we sometimes forget that there are advantages of single-tasking ... concentrating fully on a single focus until it is complete.

So, next time you look at your ToDo list, just take one of those tasks ... work on it ... and complete it.

You'll feel better for it!

Power costs

I was speaking to an Indian businessman recently, He told me he could compete with his Chinese counterparts on everything - labour costs, material costs, capital costs - except the cost of electricity. That was why Chinese manufacturers were more competitive.

Do you know the single biggest impediment to greater competitiveness for your organisation?

If not, you ahould? ... and then you should deal with it!