Business Chops Tip #100: Are You Using Benchmarking in Your Planning?
The systems integration markets are constantly evolving in both the residential and commercial sectors and compared with other industries, are relatively young. As such, finding standards to measure against for integration firms can be challenging.
It's true that the best firms benchmark their key metrics and performance against their own standards.
Those that do it well have developed at-a-glance dashboards for monitoring results ongoing. The top firms also use industry benchmark studies available that lend perspective on expected financial ratios. Are you using internal AND external benchmarking to guide the course of your firm in this exciting and evolving industry?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.