It is important to periodically benchmark your business against others in your industry and/or in your local area. A free tool that is offered by the SBA called “Size Up” can help. Once you select your industry and location, you can enter data about your company and compare it with your peers to see how it stacks up. You can compare your business in terms of revenue, time in business, employee wages, as well as many other factors. You can get a map of your competition, your customers, your suppliers, and even drill down on customer expenditures. You can even get a report on the best places to advertise.
When was the last time you did a benchmark analysis of your business?
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