BENCHMARKING YOUR BUSINESS
The first step in the benchmarking process is to take a confidential 'Health Check' of your business. This allows you to measure your operating performance against other similar businesses, locally or across the country. In this way, you can check how well you are doing in key areas, such as profitability, labour productivity, marketing spend and return on investment.
You will get a benchmarking report will shows you how your business is performing against the competition and best practice. With the help of an accredited business coach, you can then agree and implement an improvement plan for your business, tailored specifically to your needs, which will build on the strengths and address the weaknesses highlighted by the benchmarking. This whole process is entirely confidential.
The "Key Performance Indicators" used in the benchmarking are vital measures of your business success. Firstly, they include a set of indicators, such as profitability and labour productivity, which are important to businesses across the tourism industry. Secondly, there are specific indicators for businesses in different sectors, such as average achieved room rate in hotels, food and beverage gross profit in pubs and restaurants, pitch occupancy in holiday parks and average spend per visitor in attractions. Specific indicators like these are available for all the main sectors in the industry click below to see them.
| See the Key Performance Indicators in the Business Health Check |
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This confidential benchmarking process is a vital tool for your business:
- It helps you focus on what you need to do to improve profitability and productivity
- It is quick and straightforward - you can do it on paper or online - and no need to leave the business
- An accredited business coach, from the sector, will give you the help you need
Having done the benchmarking once, you may well want to build it in into a regular review of your business performance. Many businesses now use the Business Health Check on annual basis.
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| Access the Best Practice Forum's Business Health Check |
 If you are already a registered user you can login here to access this section. |
If you are not already registered, contact us and we will give you
a username and password to get you started. |
You can also benchmark your employment practices against the Excellence Through People Code of Good and Best Employment Practice. This helps you measure and improve how you recruit, employ, retain, train and reward your staff.
Click here to find out more.
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