Tag Archives: Commercial Trends
Benchmarking is a systematic tool that allows a company to determine whether its performance of organisational processes and activities represent the best practices.
Benchmarking models are used to determine how well a business unit, division, organisation or corporation is performing compared with other similar organisations.
A benchmark is a point of reference for a measurement. The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar
The term 'benchmark' presumably originates from the practice of making dimensional height measurements of an object on a workbench using a gradual scale or similar tool and using the surface of the workbench as the origin for the measurements.
Traditionally, performance measures are compared with previous measures from the same organisation at different times. Although this can be a good indication of the speed of improvement within the organisation, it could be that although the organisation is improving, the competition is improving faster...
FIVE TYPES OF BENCHMARKING
- Internal benchmarking (benchmark within a corporation, for example between business units)
- Competitive benchmarking (benchmark performance or processes with competitors)
- Functional benchmarking (benchmark similar processes within an industry)
- Generic benchmarking (comparing operations between unrelated industries)
- Collaborative benchmarking (carried out collaboratively by groups of companies (e.g. subsidiaries of a multinational in different countries or an industry organisation).
Whether you’re starting or growing your business, you need a business plan.
Your plan will provide the roadmap to achieve the success you want. The question shouldn’t be IF you write your plan, but how to write a business plan that will take your company where you want to go.
In its simplest terms, a business plan is essentially the answers to a comprehensive list of questions.
The first and most important question is this: where do you want your business to go? Stated differently, what do you want your business to look like in three, five or even 10 or more years? What level of revenues and profits do you want to have at that time? How many employees? How many locations? And so on.
Likewise, your business plan should answer these questions for a shorter time period, particularly one year. That is, what are your business’ goals for the current year, and what must you accomplish to make the year a success.
In answering these business planning questions, you naturally have to answer questions pertaining to each of the core business plan sections as follows:
Six reasons why information systems are so important for business today include:
1. Operational excellence
2. New products, services, and business models
3. Customer and supplier intimacy
4. Improved decision making
5. Competitive advantage
The emergence of a global economy, the transformation of industrial economies, the transformation of the business enterprise, and the emergence of digital firms make information systems essential in business today.
Information system is a foundation for conducting business today. In many businesses, survival and the ability to achieve strategic business goals is difficult without extensive use of information technology. There are six reasons or objectives why businesses use information system:
Operational excellence. Business improve the efficiency of their operations in order to (more…)
The Chartered Institute of Management Accountants (CIMA) produce a range of 'Topic Gateways' which are intended as a refresher or introduction to topics of interest to their members and others involved in the practical application of finance within organisations.
This Topic Gateway explains the concept of benchmarking.
To download this booklet: Click Here
Originally presented at the Tenth International Personal Construct Congress, Berlin, 1999, and subsequently developed in his work on constructivist theory in relation to service provision organisations at Leicester University, England, John Fisher's model of personal change - The Transition Curve - is an excellent analysis of how individuals deal with personal change. This model is an extremely useful reference for individuals dealing with personal change and for managers and organisations.
This model is an extremely useful reference for individuals dealing with personal change and for managers and organisations helping staff to deal with personal change.
To find out more about the model and how it can help you understand the different stages and the emotions you and your team colleagues may go through during a period of change. Click Here
During the lifetime of any organisation, it may from time-to-time require the support of an external business advisor, consultant or coach – but what is the difference and how can they help?
There’s a certain amount of confusion in the business community about these three roles. Ask ten people, and you might to get ten different answers.
Here is just one set of definitions for you to consider.
Most businesses need to grow and develop or they stagnate and die.
This checklist gives you some ideas on what you might need to do to review your opportunities for business growth including:
Researching Your Competitor: To begin making opportunities and growing your business, it’s important to undertake some preliminary research. This research will help you to identify the standards to assess your progress.
Assessing your finances: Many businesses fail to grow because of poor financial management. Often, the business plan that was used to help launch the business is left on the shelf to gather dust.
Reviewing your production and/or service levels: By conducting a separate review of each product or service within your business - you will be able to assess how efficiently your business is operating, the level of value you are delivering to your customers and finally, the costs of any production and/or service issues.
Exploring your human resources: Performing a separate cost and performance analysis for each staff member (or department) is a great way to assess your human resource efforts. Using key performance indicators (KPIs), performance reviews and appraisals will help you to drive business growth via increased motivation and accountability.
Marketing: An effectively implemented marketing plan will be a key driver for business growth. Take time to analyse your marketing efforts to date - are you creating services and products that satisfy your customers' needs?
To download this checklist in full, click on the following link: Business Growth Checklist