Benchmarking provides several critical benefits for startups and established businesses alike:
Performance Improvement: By identifying gaps in performance, businesses can implement strategies to close these gaps and enhance their efficiency and productivity. Innovation: Benchmarking can expose entrepreneurs to new ideas, technologies, and processes that they might not have encountered otherwise. Competitive Advantage: Understanding what competitors are doing well allows businesses to adopt similar strategies, or innovate beyond them, to gain a competitive edge. Goal Setting: Establishing benchmarks can help in setting realistic and achievable goals for the business.