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How can you benchmark your company against its competitors effectively?

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Benchmarking your company against its competitors is a vital practice for any business that wants to improve its performance, identify its strengths and weaknesses, and gain a competitive edge. However, benchmarking is not a one-size-fits-all process. It requires careful planning, data collection, analysis, and action. In this article, you will learn how to benchmark your company effectively by following these six steps:

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable…

1 Define your objectives

Before you start benchmarking, you need to have a clear idea of what you want to achieve and why. What are the key aspects of your business that you want to compare with your competitors? How will you measure them? What are the standards or best practices that you want to emulate or surpass? How will you use the results to improve your strategy and operations? Having specific, measurable, achievable, relevant, and time-bound (SMART) objectives will help you focus your benchmarking efforts and avoid wasting time and resources.

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Marlon Korbes

Founder Partner at Force Partners
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Antes de comparar sua empresa com os concorrentes, é importante ter clareza sobre seus objetivos. Isso pode incluir metas específicas de crescimento de receita, lucratividade, participa??o de mercado ou eficiência operacional. Ter objetivos definidos ajudará a direcionar sua análise e a identificar as áreas em que sua empresa precisa melhorar em rela??o aos concorrentes.

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2 Identify your competitors

The next step is to select the competitors that you want to benchmark against. You can use various criteria to identify your competitors, such as market share, size, location, product range, customer segment, or growth rate. You can also choose different types of competitors, such as direct, indirect, or aspirational. Depending on your objectives, you may want to benchmark against a few or many competitors, but make sure you have enough data and information to make meaningful comparisons.

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable Growth Driver
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Establishing a group of competitors for financial benchmarking is important. Companies that are similar in size, have similar products and services, serve the same set of customers, and operate in similar geographies, are great candidates for benchmarking. Notably, choosing public companies for benchmarking have an advantage, that data is more easily available.

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Marlon Korbes

Founder Partner at Force Partners
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é fundamental identificar corretamente quem s?o seus concorrentes diretos e indiretos. Isso pode incluir empresas que oferecem produtos ou servi?os semelhantes aos seus ou que atendem ao mesmo mercado-alvo. Uma análise competitiva abrangente ajudará a entender melhor o cenário competitivo e a identificar os concorrentes mais relevantes para compara??o.

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3 Collect and analyze data

Once you have defined your objectives and identified your competitors, you need to collect and analyze the data that will allow you to compare your performance with theirs. You can use various sources of data, such as financial statements, annual reports, industry reports, customer surveys, online reviews, social media, or interviews. You can also use different methods of analysis, such as ratios, trends, benchmarks, or SWOT. The key is to use reliable, relevant, and consistent data that can provide you with insights and actionable recommendations.

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable Growth Driver
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For financial benchmarking with competitors, data is collected for various dimensions: solvency, liquidity, profitability, working capital management, capital structure, and return on assets. Normally, this data is available from the competitors' annual reports and government filings, trade associations, and equity research reports. Customarily, financial benchmarking involves trending data for 2-3 years. Also, benchmarking on qualitative metrics (such as market share, net promoter score, social media impressions, etc.) is also undertaken. This data is available for third-party surveys, direct market research, and trade associations.

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Marlon Korbes

Founder Partner at Force Partners
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Uma vez que você tenha identificado seus concorrentes, é hora de coletar e analisar dados relevantes. Isso pode incluir informa??es financeiras, como receita, lucro líquido, margem de lucro, retorno sobre o investimento, entre outros indicadores financeiros-chave. Além disso, você pode considerar aspectos operacionais, como estrutura de custos, eficiência operacional, qualidade do produto/servi?o e satisfa??o do cliente.

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4 Evaluate your performance

After you have collected and analyzed the data, you need to evaluate your performance against your competitors. You can use various tools and frameworks to help you do this, such as gap analysis, scorecards, spider charts, or radar charts. The aim is to identify the areas where you excel, where you lag behind, where you have opportunities, and where you face threats. You should also consider the external and internal factors that affect your performance, such as market conditions, customer preferences, regulations, or resources.

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Marlon Korbes

Founder Partner at Force Partners
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Com os dados em m?os, você pode comparar o desempenho de sua empresa com o de seus concorrentes. Identifique áreas em que sua empresa está superando a concorrência e aquelas em que está ficando para trás. Isso ajudará a identificar pontos fortes e fracos e a determinar onde é necessário focar esfor?os para melhorar o desempenho financeiro e operacional.

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5 Implement improvements

The final step is to implement the improvements that you have identified from your benchmarking process. You should prioritize the actions that will have the most impact on your performance, align them with your strategic goals, and assign them to the responsible teams or individuals. You should also set clear timelines, budgets, and indicators to monitor and evaluate the progress and outcomes of your improvements. You should also communicate your benchmarking results and improvement plans to your stakeholders, such as employees, customers, investors, or partners.

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Marlon Korbes

Founder Partner at Force Partners
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Com base na análise comparativa, desenvolva um plano de a??o para implementar melhorias em áreas identificadas como oportunidades de melhoria. Isso pode envolver ajustes na estratégia de precifica??o, redu??o de custos, investimentos em inova??o ou melhorias no atendimento ao cliente. é importante acompanhar de perto a implementa??o dessas melhorias e monitorar seu impacto no desempenho da empresa ao longo do tempo.

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6 Repeat the process

Benchmarking is not a one-off activity. It is a continuous process that requires regular updates and revisions. You should repeat the benchmarking process periodically to track your performance, measure your improvement, and adjust your strategy and operations accordingly. You should also keep an eye on the changes and trends in your industry and market, and update your competitors and benchmarks accordingly. By doing so, you will ensure that your company stays relevant, competitive, and innovative.

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Maulik Nagri

Experienced Finance Executive | FP&A Process Builder | Shareholder Value Creator | SaaS Finance Expert | Profitable Growth Driver
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A firm benefits most from benchmarking when it is done periodically and regularly, especially when the external environment changes. For example, if the average sales decline of competitors is 15% in a recession and the firm shows a 10% sales decline in the same time period, the latter is actually significantly outperforming its competitors.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you benchmark your company against its competitors effectively?

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1 Define your objectives

2 Identify your competitors

3 Collect and analyze data

4 Evaluate your performance

5 Implement improvements

6 Repeat the process

7 Here’s what else to consider

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