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Being made aware of performance gaps is of considerable value in itself, but it is acting upon the findings where the real benefit lies. For small companies to be able to compete on the world stage, it is essential that they are aware of their performance in relation to their competitors. Benchmarking is a fundamental element of this process and is an invaluable first step for any organisation wishing to improve its performance.
The Small Business Services (SBS) Benchmark Index has reached a pre-eminent position in the sphere of business benchmarking in a remarkably short time, bringing an extensive database of valuable performance comparison information within easy and affordable reach of SMEs. But benchmarking is only a means to an end. Being made aware of performance gaps is of considerable value in itself, but it is acting upon the findings where the real benefit lies. This principle of applied benchmarking underpins all Benchmark Index activities.
Over 5,000 assessments have now been undertaken using the service since its inception and its success has been further endorsed now that the European Commission has asked to use it as part of a major European benchmarking project. In the drive to improve the competitive performance of SMEs across the European Union, approximately 1,500 businesses are in the process of being benchmarked in nine member states against the Benchmark Indexs database. The exercise will be repeated before the end of 2001 to assess actual changes in relative performance. Taken with other activity on the international front, notably in USA, Australia, South Africa and Singapore, the Index is able to boast a considerable international dimension. As British businesses are competing on a global front, being able to compare performance against overseas competitors and learn from best practice exemplars outside the UK will be of particular benefit.
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