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Benchmarking is the process of identifying and adopting successful business and operational practices within an industry. It enables you to identify your business' position in the market and possible areas where you could improve.

There are three main levels to benchmark your business against:

• Industry sector - comparisons can inform you about common industry practices and standards.

• Business size - compare your business with businesses of similar size to benchmark your efficiency and effectiveness.

• Business operations - make comparisons with businesses similar to yours to find potential solutions to boost sales or operational areas.

For more information on benchmarking visit:

• Benchmarking - Business Victoria
• What is benchmarking - Queensland Government