It is important for every business to benchmark their business against others in their industry as well as in their local area from time to time to see how they stack up against the competition. Here is a look at a 100% free tool offered by the SBA called “Size Up” that can help.
The first step is to create a free account. After you create an account, you will enter your industry and location.
Then you can enter data about your company and compare it with your peers to see how it stacks up.
In the “My Business” tab, you will get a “summary report” that compares your business in terms of revenue, time in business, employee wages, as well as many other factors. You will see how you compare to the competition with an easy to interpret speedometer-type scale.
There is even a detailed view for each of the benchmarks to get even more information.
In the “Competition” tab, you can also get a map of your competition, your customers, your suppliers, and even drill down on customer/consumer expenditures.
You can even get a report on the best places to advertise. And it is all FREE.
When was the last time you did a benchmark analysis of your business?
