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3 common small business benchmarks

ЗсоммоN 3COMMON SMALL BUSINESS BENCHMARKS Benchmarking is the process of comparing your operations against other companies, and it is a powerful tool for helping you see what you're accomplishing. Without proper benchmarks, it can be difficult for small business owners to measure how well they're doing or see areas where they need to improve. Benchmarking provides a point of reference for evaluating what's working well and what's not. Here are three common benchmarks for small businesses.' 1 INDIVIDUAL EMPLOYEE PERFORMANCE Employee performance can be benchmarked internally, by setting goals for employees in each department to achieve. This is effective for tracking progress as well as showing areas where more training might be needed.? CUSTOMER SERVICE Benchmarking customer service initiatives against the customer service provided by a competitor or by an industry leader can help raise the overall level of service provided by your company.3 o 0o 3 FINANCIAL PERFORMANCE Financial benchmarking allows you to measure things like cost per unit, productivity, sales or other elements that you can run a financial analysis on and compare with others to assess your overall competitiveness, efficiency and productivity. If you need help identifying which benchmarks are relevant to your business, or if you want to find benchmarks in your industry, start with a business or industry association. Ask them for information about your industry that you can use to establish your own benchmarks.5 Using the information gathered through benchmarking can help you identify where you need to improve to help your business cut costs, boost productivity and streamline processes-all of which can translate into better cashflow and more profits. USING THE INFORMATION GATHERED THROUGH BENCHMARKING CAN HELP YOU IDENTIFY WHERE YOU NEED TO IMPROVE TO HELP YOUR BUSINESS CUT COSTS, BOOST PRODUCTIVITY AND STREAMLINE PROCESSES-ALL OF WHICH CAN TRANSLATE INTO BETTER CASHFLOW AND MORE PROFITS. AS YOU WORK TO BOOST CASH FLOW, IT'S IMPORTANT TO PARTNER WITH A BANK THAT HAS THE RIGHT TOOLS YOUR SMALL BUSINESS NEEDS TO TRACK AND MANAGE YOUR CASH WHILE GIVING YOU ROOM TO GROW. PNCBANK The article(s) you are reading were prepared for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. These articles may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products, or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed, and links provided by these resources are not investigated, verified, monitored or endorsed by PNC. Sources: 1:"Benchmarking Overview Practices and Approaches in Business," The Balance, https://www.thebalancecareers.com/overview-and-examples-of-benchmarking-in-business-2275114, March 31, 2017. 2:"Examples of Employee Performance Measurement," Small Business Chronicle, http://smallbusiness.chron.com/examples-employee-performance-measurement-10776.html, Feb. 27, 2018. 3: "Benchmarking Overview Practices and Approaches in Business," The Balance, https://www.thebalancecareers.com/overview-and-examples-of-benchmarking-in-business-2275114, March 31, 2017. 4"Financial benchmarking-What is financial benchmarking?," Debitoor.com, https://debitoor.com/dictionary/financial-benchmarking, Nov. 28, 2018. 5: "How to find and use benchmarking data," Small Business First, https://smallbusinessfirst.com.au/how-to-find-and-use-benchmarking-data/, Jan. 23, 2018. © 2018 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC

3 common small business benchmarks

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Benchmarking is the process of comparing your operations against other companies, and ir is a powerful tool for helping you see what you're accomplishing.

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