Business Benefits: Benchmarking

Making an ascendance in the business world is a massive undertaking from a humble company that has ambitions above its means. The difficulties you can have as a startup or a small business doesn’t need to be discussed in any great detail. Bottom line = it’s difficult! But the big question to ask yourself is what can we do to improve ourselves? It is something you should be asking yourself on a daily basis. While making a transition from a small company to a bigger one is a massive undertaking and requires a change in personality and leadership as well as possible changes in location and scaling up the company, what you can do to better prepare yourself? This is where benchmarking comes in. Benchmarking is a process you can use to compare your business to others so you can identify areas you need to improve on. Here are some aspects you should look at if you want to see how you compare to bigger companies.

The first step in benchmarking, as it is essentially comparing you against another company, is to choose who to compare yourself to. There are support networks to help you pick the right company, such as Business Link or your local trade association, but the best method you can do yourself is to pick businesses that are of a similar size and have similar objectives to you. That way you can give yourself a reasonable yardstick to measure against, but also choose companies that are outside of your sector. These companies should perform well in areas that you wish to excel at, and by implementing their approach to your business, it will help you expand your own repertoire.

Look at the successes of your firm at the moment; is there one process that you pride yourself on? If you provide a service, it could be customer service that you are exceptional in. These are known as your business drivers, and by having a thorough understanding of your strengths, this makes benchmarking against another company an easier process, and one that you will get a lot from.  

Looking at your resources is a true benchmark of understanding if you can make the transition from smaller business to a larger company, especially if you are trading on your own or in a partnership. Do you have the necessary skills to take the business to the next level? There are many companies that provide training and skill refinement on topics like health and safety, employment law, or being a skilled leader, like Ellis Whittam, and these resources are as important as the physical resources. Look at your resources against the company you are benchmarking against, are they putting in more or fewer resources in staff or equipment? Are they spending more in other areas, like marketing or IT services? Resources are an important asset, and how you allocate them can make a big difference to your company.

Measure your productivity by calculating how much sales you make per employee. This is a relatively straightforward method of testing how much productivity your company is generating by focusing on each member of staff and understanding their worth to the company. However, this is not to say that your staff members could be the reason the product is not selling! If your sales are low across the board, this could mean that there is a problem with the product. You could be selling it to the wrong market, or the product is not right. Productivity can also be measured in how many customers return to you, which will highlight how good your customer service skills are in the business as a whole. You can also look at how long it takes to process orders and the amount of complaints.

Benchmarking is a process that can take some time, but it is a valuable approach to understanding how your business processes are making their impact. If your company is small, it can provide a valuable insight into what you need to ensure that you are trading to the highest possible standards. The process is not merely a way to glean ideas from other companies and pass them off as your own, it is a way to look at companies similar to yours and companies you wish to emulate the success of. You can implement successful strategies only if they really gel with your business processes. It can cause teething issues, but by looking at companies similar to yours gives you the best possible perspective on how it could turn out if you do implement them.

Making A U-Turn With Your Finances

In the event that you become bankrupt, you have to take some serious action. Getting into this position will usually take years of terrible financial management. And, can often leave people in a bad position. So, you need to work hard to make amends if this is your predicament. This process will be difficult. And, you’ll have to make sacrifices. It will be worth it in the end, though. To help you out, this post will be going through some of the things that can help if you’re bankrupt.

One of the hardest parts of bankruptcy is declaring it. This can take a long time through the courts. And, coming up with a good deal can be a challenge. Most people will struggle to fight for themselves in this sort of case. And, it’s probably not worth trying. It’s best to get a professional on the scene to help you. Wherever you are, you’ll be able to find a bankruptcy attorney to help you with your case. They will be able to give you advice to help you get the very best possible outcome from whatever court proceedings you have to attend. In most cases, you will still have to pay back some money. But, they will help to make it as manageable as possible. This can be a great boon if you are out of work or on a low salary.

Next, you need to start learning how to manage your money. This may be a requirement of your settlement. But, even if it’s not; you’re always better off doing it. You can get someone to help you with this. There are loads of people practicing in the field of financial management; who can get you started on the right track with your money. Most people will struggle to budget for themselves. But, having someone else monitor your money can be a great way to make sure that you’re not spending too much. During this time your finances will be very volatile. You have to do everything you can to make sure that it becomes secure again. And, that will often mean simple saving.

Saving money will be hard for most people. But, it has to be done at all costs. Or, as little cost as possible! You should cut out the non-essential parts of your life. This will probably save you a lot of money. Make sure that you track exactly what you’re spending, to give yourself an idea of your current finances at all times. And, make sure that you have a budget in place so that you don’t overspend. It’s easy to get into a routine with money. And, once you’re in one, it will be a lot easier to save and look after your hard earned money.

Hopefully, this will give you an idea of what needs to be done if you find yourself in the position of bankruptcy. Most people will panic in this sort of situation. But, it’s best to remain cool and avoid stress. Most people will manage to get out of a situation like this; if they put the work in.

Top 3 Things To Move You In The Right Direction

Relocating for a new job is an incredibly difficult decision and one that should not be taken lightly or underestimated. It can be one of the most stressful changes in anyone’s life. Just think about it in parts; changing jobs is anxiety-ridden, starting a new company makes you feel lost and moving to a new place is daunting, and yet here you are about to do all three.

What makes it that little bit more complicated, though, is the fact you’re moving for a reason, and that reason is work. That means you will want – and need – to make a great impression on your new colleagues and the guys and girls that hired you and to do that you need to be 100% focused, and that means making the relocation as stress-free as possible.

So, to do that, here is what you need to do:

Be The Most Organised Human Ever

How you organize and manage your relocation will set the foundations for how smooth the entire process goes, and that is because there is so much to think about. As such, always make a checklist, somewhere you can make your thoughts tangible, somewhere you can tick things off add new things on. These will include logistics, packing up your old home, finding a new one, possibly even looking at schools and clubs and a whole lot more. So stay on top of it, and use that as your rock.

Know Everything You Can About Where You Are Going

It is always a great idea to know as much as you can about the area you are moving to before you move on it. This will help settle you and ground you. So, if you can, always follow these two rules; take some time to explore the area and look at online rental properties so that you don’t commit to anything too permanent. It takes a good few months to really start feeling settled and to know what the different suburbs and neighborhoods are like, so make sure you do all you can to understand this. Speak to people you know in those areas, and join online communities, anything that will help you learn what you need to know and paint a better picture.

Know What Help You Have

If a company is willing to hire you even though you will have to relocate, then chances are they will have some form of relocation services to help you transition better. It is in their best interests after all. As such, always ask them what services they have and then use them. It could be that they cover the cost of any house-hunting trips you may need to make. They might assist you in selling your old home, and in the buying of a new one. They may have a transportation service that will not only help you move your small belongings but bigger ones too like cars. They may even be able to help your partner with finding a suitable job too. If they don’t, they don’t, but at least you will know this and thus be able to take that on yourself.