What is Peer benchmarking?
Peer benchmarkingTM is a dynamic process where you get together with select peers in you industry to learn from them ways to dramatically grow your business. Yes, peer benchmarkingTM facilitates the process and provides great enabling tools, but you and your peers provide the solutions! There is simply is not a better way to learn how to grow your business.
So how does it work? peer benchmarkingTM carefully selects peers from different parts of the country, to insure any competitive issues are taken care of and then you get together for a day for a peer benchmarking reviewTM. With most professions you will receive some CE (Continuing Education Credits) for your participation.
First up, using our peer review dashboardTM, you will be required to disclose all your key metrics and indicators and compare this to the rest of the group. This will generate a lot of discussion about what works and what does not and why. You will get to learn why others are outperforming you in certain areas and why you are doing better in others. Someone in the group will excel at expense control showing their cost per employee is much better than the rest of the group. Others will be great in respect of revenue generation and marketing. The great part is that you get to know why this person is able to achieve this outperformance. You will get challenged on your online marketing activities – whether you have an effective website that is firstly easy to find and then provides quality relevant information that helps potential customers decide that you’re the one they want to do business with. You get to compare your revenue and expense ratios, your profitability, your ROA (Return on Assets) and ROE (Return on Equity) and most importantly whether your business generating wealth.
The fun part is then developing a growth strategy with your peers using our growth matrix optimizerTM. Your peers will help you identify your strengths, weaknesses, opportunities and threats. You and the group will then identify 10 possible growth strategies and then you will together systematically have to make reasoned tradeoffs so that you end up with those strategies that have big potential, are easy to implement and do not cost too much.
Then you and your peers package this all up using our benchmarking path forwardTM so that you have an implementable plan to execute. This will comprise of developing your key performance indicators and metrics so that you can measure your performance every step along the way.
But the essence of peer benchmarkingTM is reconvening six months later to discuss with your peers the progress you have made. This dynamic helps drive performance because it is a no excuse forum – you had the plan, the tools and performance indicators and measurements needed to succeed. But you also have a forum to discuss what some of the issues you are encountering and will get great collective input on how to overcome some of these obstacles. There is some help between meetings as we set you up with a collaboration tool which allows you to continuously collaborate with your peers in a non intrusive way.
Why Peer Benchmarking?
Peer BenchmarkingTM is a different learning experience to anything you have ever encountered. Imagine getting together with a small, select group of peers to discover and learn in a facilitated environment with great enabling tools, how to grow your business. This dynamic proven process was founded by Ron Sturgeon a highly successful entrepreneur in multiple ventures, who was part of a peer benchmarking reviewTM Group for over ten years. He attributes his enormous success directly to this process. What is more, it did not just work for him but it also worked for all other members of his peer group. All of the members of the group successfully grew their business like Ron to a point whereby they were bought out for considerable purchase amounts. Is this a coincidence? Well Ron Surgeon does not see it that way. Ron also made lifelong friends and colleagues from this group,
You could hire a business consultant, but they likely do not have the real experience you need to find relevant solutions for the multiple issues facing you. Think about it. Who knows your business niche better than your peers? Peers that have a real vested interest in their business, entrepreneurs just like you. Many of them are facing the same issues as you, and many have already created and implemented solutions that may be exactly what you are seeking. Furthermore, even if you engaged an excellent consultant that identified great ways to grow your business, you still have to implement the plan and our experience has been that shortly after the consultants leave, businesses go back to their old ways. This is why you need peer benchmarking reviewTM. You need to figure out with your peers in a Peer Benchmarking ReviewTM how to develop a strategy to grow your business. A strategy is real, practical and implementable. No soft touches in a Peer Benchmarking ReviewTM your peers know your business as well and maybe better than you do.
Participating in a Peer Benchmarking ReviewTM group, with 10-12 of your peers from different geographic areas, you will find a number of different insights and approaches and which of those work and which do not and why! Learn some of the innovative ideas and approaches that your peers are taking in a changed and very competitive world. Demystify, marketing online – what an effective website should contain, SEO (search engine optimization), Social Media and much more,
With the help of our amazing facilitating tools like the peer review dashboardTM, growth matrix optimizerTM and benchmarking path forwardTM you will get to compare and evaluate your business, identify the strengths, weaknesses, opportunities and threats, develop a relevant strategy for growth that only focuses on key issues with big potential payoffs and an implementation plan to take back with you. But the real essence of Peer BenchmarkingTM is that you will be reconvening with your peer group six months later to review your progress.
If you are still unsure about Peer BenchmarkingTM – we are so confident in this process that we guarantee your money back if you do not leave each meeting with at least three items to implement and grow your business.
