Are you benchmarking or is unproductive comparison stifling your progress?

If you frequent the Central Business District (CBD) in Kenya's Capital, Nairobi, you are likely to find a women's clothes store every 100m or so. You are also likely to find fast food shops lined up one next to the other. Or perhaps phone shops selling the latest gadget, screen protector and cover.

?This trend has extended outside the CBD, with areas that were once purely residential, having mini malls with the ubiquitous women's clothes shop, perhaps a butchery or two, a mini supermarket, petrol station and chemist.

?What am I trying to say? People doing similar businesses are a dime a dozen, but somehow many manage to coexist. Meaning that the pie is large enough for everyone.

If you decide to start a business, it is often said you should do your market research, find if there is a real need for your product or service, then proceed accordingly.

?Melissa got into the clothes business as a side hustle after encountering struggles finding flattering clothes when she was pregnant. She did her research and found that there were some stores selling maternity clothes, but some were either expensive or unflattering. After doing her calculations on sourcing clothes, she established she could do the business and make a decent profit and still sell the clothes at a price she felt was reasonable. So off she went into the venture, and to keep her costs low, she opted for an online store.

?Melissa said it picked up well in her view and she was looking to expand her offering in the near future. That was until she got talking to an acquaintance she had met at a networking event who was also in the clothes business, but specialised in evening wear.

?It was during one of their conversations that she got to learn the kind of profits the lady was making, adding that she felt “small” afterwards and felt that what she thought were good sales were like a drop in the ocean when compared to her acquaintance.

?Instead of taking the new found knowledge as motivation to move towards where she could reach (though being different products, things cannot be the same), she instead closed her store and got into evening wear. She however did not last there and as it is today, Melissa is scouting for another business to get into.

?All the gains she had made with the maternity wear business came to naught and she had nothing to show for her business exploits other than a couple of evening dresses she was unable to sell and couldn’t wear as they weren’t her size.

?Sometimes people have something going for them, no matter how small, but lose everything when they lose focus and start comparing and trying to copy what others are doing. In business, work and life, it's good to benchmark against the best in class, but this should not turn into a comparison battle that makes you lose focus on your original goals and where you're going.

?When it comes to investment, there is a 50-30-20 rule which is often recommended for dividing one’s income based on needs, wants and savings, though this should be adjusted based on individual circumstances.

?There's a reason why the recommendations are given as percentages rather than whole numbers, because each person's circumstance is different. If the rule was save $10,000, there are people who would never get started on their savings and investments journey because that figure is out of their reach at the time. Instead, 20% of one's income makes it possible for all to do what they can where they can.

?The reality is there will always be someone ahead and behind you. Your assignment is to focus on your goal and move towards it without comparison, but only benchmarking to give motivation and perspective.

?Share your thoughts and experiences.

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