Benchmarking is a great way to determine the areas where your company can improve. Knowing how you compare to other businesses in your industry will help you set sales goals, create pricing models and better compete for top talent.
As a website design company, we want to know how we stack up to the competition on both a local and national level. But, sometimes it’s hard to find the right information. The Small Business Administration now offers a tool on their website called SizeUp. The tool allows you to compare your business to others in your industry both locally and nationally. You can compare annual revenues and average salaries and look at the volatility of your industry. The tool will also map your competitors, so if you are considering opening a new location, you can easily find an untapped market. You can also determine the zip codes with the highest business revenues in your area, which may help you decide where you should focus your advertising dollars. It’s worth checking out.