I usually like to schedule my annual physical around my birthday. It’s a natural reminder to visit my physician to identify any potential issues or suggestions of how I can improve my health.
Like an annual physical, benchmarking your portfolio on a regular basis is a great way to identify both risks and opportunities for your business. So what is benchmarking? Webster’s online defines it as “The process of identifying, understanding, and adapting best-in-class practices and processes from other organizations, as well as within your own organization, to help your organization improve its performance.”
There are many metrics you can benchmark, but here are some ideas that can help make your benchmarking program successful.
- Define your purpose – What are your goals (identify market opportunities, improve internal processes, etc?)
- Define your metrics – Consult with stakeholders to define the metrics that will best help you achieve your goals.
- Define your scope – Start with a manageable number of metrics and evolve over time.
Benchmarking provides powerful information you can use to plan business strategies, identify market opportunities and more effectively communicate your portfolio performance to senior management. To learn more about how portfolio benchmarking can help you click here