EPISODE B1.002: Benchmarking Comparable Product or Service Processes

Introduction
New week, same perspective with greater conviction.

After being attentive to the weekend news about the continued arbitrary government response to COVID19, there is only one course for the business owner - ignore their word salad of concern and work around it. 

Being passive and waiting for the right decision will put you out of business. There are only two ‘people’ who have that right - you and the customer.

IBGR is committed to your success and our programming is for legal aggression (OK, I’ll make it nicer - assertiveness) to open, stay open, and be profitable.

Unlike the rest of society - we have your back.

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Show Objectives
Over the next 3 weeks in this track - Getting Operations Right during Pre-Startup, we will look for working processes that can be copied and implemented quickly. This is the same for bringing processes you used in other organizations as a starting point. The key here - get something that has worked in place and open the business. You will make it your own later.

Today's Show will cover the following topics:

1. Copy working processes as a starting point; 
2. 3 Types of Benchmarking;
3. 4 Steps for Benchmarking;
4. Resources: https://www.thehackettgroup.com/best-practices-intelligence-center/

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What You Need to Know
3 Types of Benchmarking

1. Process Benchmarking: how leading companies build or operate a comparable process, used to build a "To Be" process.
2. Performance Metrics: what are the quality, quality, cost, and time metrics from leading companies used to evaluate performance of a process.
3. Strategic Benchmarking: how leading companies create and implement business strategies, used to build a "To Be" process.

What You Need to Do
4 Steps for Benchmarking

1. Intention: what process is being analyzed, how is the data sourced, what metrics are needed.
2. Industries: which industries - it is recommended that you look at your industry for companies that build competitive products & services, similar industries with competitive products & services, and similar business models outside your industry that build comparable products & services.
3. Partner: you could collect the information but for the time and resource constraint, look for an organization that will provide current information on processes. This should process maps and standard operating procedures (SOP).
4. Implement: make those processes active now, the goal is to have something in place before the doors open and the selling starts.

Shows

• Previous: EPISODE B1.001: OVERVIEW OF OPERATIONS FOR STAGE I BUSINESSES
• Next: EPISODE B1.003: Benchmarking Comparable Marketing Processes