Like any competitive pastime, we determine how well we are doing, by watching at others. This is a reliable way to develop yourself and your business
If you are a runner and sprint on your own, how will you tell how you associate to others who also run? The rule also applies to business and business owners.
For example, consider you operate a Plumbing shop or corporation selling bathroom fittings. You might assume your operation is performing OK by achieving a gross profit ratio of 30 percent
But what if other alike businesses in your industry are doing better and reaching a gross profit of 45 percent?
http://becomingwhoyouwanttobe.com/business-benchmarking-is-it-helpful/
PricewaterhouseCoopers “Trendsetter Barometer Survey” noted that “fast growth companies who used benchmarking information to appraise company operation against their peers achieved 69% faster growth and 45% greater productivity over those who did not.”
