Two Kinds of Benchmarking
Comparing a company to a direct competitor shows you the standards inside that industry. Comparing against a different industry entirely, chosen for a specific process like customer service gives you fresh ideas about what is genuinely possible.
Established Tools You Can Use
Industry average data covering sales per square foot, gross margins and profitability is available through several established sources, and many banks already use similar data when making lending decisions. Some large firms have built their own benchmarking tools from years of client data across a specific industry.
Build Your Own Simple Tool
A basic checklist works well too. Ask whether a client has a succession plan, a will, audited financials, a disaster plan, adequate reserves or a line of credit. Even a simple checklist like this can open a meaningful conversation about a real gap.
Final Thoughts
The best benchmarking tools give clients an honest picture of how their business compares to others, using both objective numbers and client perceptions of value. Consider building a simple 5 to 10 point checklist you can use with every new prospect this year. A clear comparison often opens a conversation that a plain sales pitch never could.
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