This article was co-authored by Ksenia Derouin and by wikiHow staff writer, Jennifer Mueller, JD. Ksenia Derouin is a Business Strategy Specialist, OBM, and Artist based in Grand Rapids, Michigan. With over ten years of professional experience, Ksenia works with wellness and social impact sector solopreneurs and organizations to support their business strategy, operations, marketing, and program development. Her mission is to support business owners in building thriving businesses and creating impact so that they can achieve a sense of purpose, career fulfillment, and financial independence.
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Whether your business is new or established, benchmarking is a powerful tool that can help you boost performance, grow your business, and outperform your competition. Benchmarking is a process of measuring your business’s performance against the best competitors in the market in order to highlight areas where you can improve. If you want to do benchmarking, you first determine which parts of your business need to improve as well as the metrics you’ll use to measure and identify progress. Then, you gather data on your competitors to see what they're doing differently and how it's working out for them. Based on that information, you can create an action plan to achieve the goals you've set and put your business in a competitive position within the market. [1] X Research source