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While you are developing your business, it is important to keep on eye on your market position. A great way to do this is through benchmarking, where you measure the performance of your business against that of your competitors. Effective benchmarking:
Benchmarking is about acknowledging your strengths and weaknesses, and identifying areas of opportunity and improvement – based on your competitors’ performance in the marketplace. It is imperative to always be aware of what your competitors are doing and how successful they are in doing so.
A good benchmarking review can help you in your business planning and cash flow management. Benefits of benchmarking include: