Benchmarking can be implemented at various stages of a business. It can be used during the startup phase to set initial targets and understand industry standards. It can also be used during the growth phase to identify areas of improvement and compare with competitors. During the maturity phase, benchmarking can help in maintaining competitiveness and identifying new strategies. Finally, in the decline phase, it can help in identifying areas for innovation and revival.
Comparisons to a top performer or industry leader not only examine the current business performance...
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