Has your business reached its potential yet?

If you are a business owner, your answer should be NO!  During my decades of business consulting, I have never come across a business owner who believed they have done the ultimate performance with their business, so I’m going to assume you feel the same.

Peer benchmarking will not deliver you to Valhalla, but it will expand your potential and help you to approach that potential, and that is a goal worth chasing, don’t you think?

Contact us at (817) 999-0980 for more information about peer benchmarking after you read this article.

What is your potential?

That’s a hard question for sure, especially in business.  Theoretically, if you are in the car insurance industry, and you are located in Fort Worth, Texas, your potential is to have every driver in Fort Worth as your customer.  Is that a realistic potential?  Not at all, but it is handy as an example.  Obviously your potential is somewhat of a nebulous target.  No company in business, not Amazon, not Microsoft, no one company has an unlimited potential, but they do have realistic goals, goals like a 20% market share, or annual earnings of over one-million dollars.  Those goals mark a realistic potential all business owners can set and aim for.

What is peer benchmarking?

Peer benchmarking is a way for you to compare your company with other companies in your industry.  It is measuring your company against the best in your industry and region, and then coming to an understanding, using benchmarks and a strategic analysis tool, to determine why your company is falling short in certain criteria.

Let’s use an example from the sports world.  Let’s say a Formula 1 racing car in your state continually average 180 mph in races in your area, while your Formula 1 racing car only averages 170 mph.  Obviously the best is doing something you are not doing. They are either using better car parts or they achieve better fuel injection or something . . . with them as your benchmark, you can compare processes and tactics and parts and determine why your car is underperforming.

The same can be done with peer benchmarking in business using benchmarking groups.

How does it work?

Our company, Peer Benchmarking, puts business leaders together in a particular industry.  We facilitate a dialogue between business owners. We compare each business against benchmarks like cost per unit of measure.  We determine how each company arrives at that benchmark figure. We compare processes, and by doing so we arrive at a definitive answer for all to see.

Who benefits?  Everyone involved, even the industry leader.  While this process is playing out, even the industry leader may hear of a particular process used by another company, and that process will help the industry leader.  In other words, everyone wins with peer benchmarking.

In our Peer benchmarking ReviewTM you will collaborate with 10-12 owners of non-competitive businesses from your industry to compare metrics, learn best practices, and develop specific plans to measurably improve your financial results. Each group typically meet twice a year. The founder of peer benchmarking, Ron Sturgeon, attributes most of his business success to this dynamic process he participated in for over 10 years. Of the entrepreneurs who participated in his group it was no coincidence that some of them became largest operators in the industry. Not one of the original owners dropped out in the decade plus that the group existed and all remain great business associates and friends still today.

And we are so sure this works, we offer a money back guarantee.