Checklist: Benchmarking for Profit 

1.  Is your company committed to continuous learning?                  

                                                 Yes                 No  

2.  Do you have a benchmarking program in place?

                                                 Yes                 No

3.   Do you understand the benefits of benchmarking?

                                                 Yes                 No

4.   Have you identified specific benchmarking objectives?

                                                  Yes                 No

5.   Are you aware of available sources, internal and external, to locate information?                                           

                                                   Yes                 No  

6.   Do you have a system in place to monitor improvement?                                

                                                   Yes                 No

7.  Do you know the right questions to ask, like: 

Are you as profitable as other comparable businesses?  

Are you spending the same on similar expenses?

Are you generating a comparable rate of return?                             

Are you compensating key people on a similar basis?                                                               

                                                  Yes                 No

8.  Do you know which business functions you should benchmark?

                                                   Yes                 No        

9.  Do you survey your customers regularly?   

                                                  Yes                 No

10. Do you know how to adapt and apply information you gather?                                  

                                                  Yes                 No

 

Results

Total Number of Yes Responses: ________

    # Of Yes Responses                   Rating

   9 or 10                            Excellent

   7 or 8                              Good

   5 or 6                              Fair

  4 or less                           Help!

If you want ideas to improve your score, contact a business analyst at (801) 364-4949.