To improve your company’s performance, one of the first steps it to know your trends and how your business compares to its peer group. Benchmarking is often presented as a complex and expensive process, but you can start benchmarking and gain significant financial improvement with the help of a financial consultant. Benchmarking, is more complex with a legal cannabis company using 280E accounting, but following your trends on a monthly basis, and having clear goals, allows your team to try different approaches to improving results, with regular feedback.
Industry benchmarking programs are generally dominated by the largest participants in trade association. For these firms, benchmarking involves management committees, strategic planning and the implementation of best practices policies in multiple locations. A typical large company benchmarking program has many steps, each of which takes a large organization time and process management.
The owner of a smaller company, by contrast, is David, not Goliath. Your firm has nimbleness, flexibility and can move quickly. For a small cannabis business, benchmarking is a five stage process:
Benchmarking becomes a tool for continuous improvement. Your company culture will adapt to a steady diet of improvements and your employees will look to opportunities to improve your metrics. With attention and focus, your firm will steadily improve.
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