So, if you want to become ‘that’ business, you need to view your business relative to its competition as well as to the wider market. That means benchmarking – a powerful way to understand your strengths and areas for improvement.
High-performing businesses know how important it is to understand new trends, to nurture great culture, and to see opportunities before others do. As the name suggests, benchmarking compares a number of performance indicators across a representative sample of businesses, so you can see how your own business stacks up. The criteria might include anything from baseline requirements through to leading best practice, and it can apply to every part of a business – strategy, product, marketing, culture, and so on. All kinds of companies use benchmarking as a way to keep track of a changing market and their place within it, to gauge their success as they grow.
For over 25 years, Telstra has celebrated what makes a great business by holding the annual Telstra Business Awards. In 2018, all nominees for the Telstra Business Awards will receive a custom benchmarking report derived from the detailed information submitted with each entry as part of your business’ story.
Each report is packed with insights to promote growth and positive change, revealing where you might be excelling and where you might be able to do better. Best of all, it will offer practical steps you can implement right away to adjust and improve.
With contributions from some of Australia’s brightest business minds, the Business Benchmark report will provide tailored insights across six key areas: strategy and vision; customers and marketing; operations; people and culture; financial acumen; and social responsibility.
Once your business strengths and potential improvements are clearly defined, you can adjust your focus, change tack, and break into new areas. Each section of your Business Benchmark Report is designed to inspire your future success, through a more efficient, more deliberate, and more competitive approach.
Growing your business shouldn’t be a guessing game. When you understand your position in the market you can move forward with an informed, evidence-based plan. Don’t limit your understanding of your business by only looking inwards. Enter your business in the 2018 Telstra Business Awards now and start enjoying the clarity that comes from seeing the whole picture.
Until you know how you’re travelling, there’s no way to change direction. It’s just one more way Telstra is helping you to become ‘that’ business.
*Originally published March 7th 2018. Updated June 26th 2018.