If your business is a near monopoly, then benchmark on efficiency. If your business is in a highly competitive sector, then benchmark on innovation rate. Secondly, who you compare yourself to, is as important as adjusting for size, sector, jurisdiction and era. Simon Leicester SME Consultant
Emerging threats and underperformance cause organisations to engage in benchmarking. Benchmarking also moves the focus from absolute improvement to relative improvement. In the Not for Profit sector, at any point in time, organisations can concentrate on step-change innovation or improving efficiency, since it’s difficult to do both simultaneously. Yet both are necessary for growth. And…