How to make a good business even better
Successful small business owners know that ongoing improvements play a big role in business growth. Your competitors can be a key source for inspiration.
Managers of large corporations regularly and systematically look at the performance of other companies to determine how they compare and where they can improve. Your business may be smaller, but it can still benefit if you follow the lead of bigger companies. Whether the review you conduct is formal or informal, complex or simple, a benchmarking exercise can help reduce costs, improve performance, and infuse your business with new ideas.
While you're conducting your review, CIBC business advisors and their team of specialists can direct you to relevant data sources, and provide feedback to help you focus on the areas that are most important to your business.
Following are some suggestions to help you with your evaluation process.
|[|1. Understanding your challenges |
| |[|As with any undertaking, the first step is to understand your challenges. What area of |
| |p|the business do you want to evaluate? What key processes affect performance? Where do |
| |i|you suspect there might be room for improvement? Some of the most common areas for |
| |c|examination include cost control, inventory management, customer service, IT, and human |
| |]|resources. |
|[|2. Identifying your measures |