Business Surgery: Benchmarking your business

Ken Craig, partner at Rawlinsons
Ken Craig, partner at Rawlinsons
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How was 2014 for your business? How did your performance compare with your competitors? Or the economy generally? Are you ahead of the game or lagging behind?:

Benchmarking is such an important aspect to the development of any business – large or small.

Last year, Rawlinsons got together with Opportunity Peterborough to launch the first Greater Peterborough Business Survey. The objective was to gauge the temperature of the economy here in Peterborough,

About 200 companies completed the initial survey and the findings were encouraging, with the majority of businesses quietly optimistic for moderate growth in terms of turnover, employment and profit. But it is now critical that the same measurements are adopted to find out whether that optimism was justified.

In our experience, confidence is crucial for economic growth. It encourages companies to invest and grow with more certainty. The survey also sought to establish perceived obstacles for growth and gauge opinion on the areas for further investment in the city to help speed up sustainable growth.The survey is being distributed across the Greater Peterborough business community with the closing date for responses in March. The results will be made available soon after. Businesses completing the survey will be entered into a draw to win John Lewis vouchers. Please take part and encourage your business contacts and networks to get involved so we can get as full a picture as possible of just how the economy in Peterborough is working. We think things are improving. Inflation is low; interest rates are low; and employment levels seem to be improving. Peterborough is often quoted as being one of the UK’s fastest growing cities in terms of housing and population.It all sounds very positive – but there is nothing like getting feedback from the business community. Last year we had a range of companies taking part from small, one-man bands up to multi-million pound organisations employing many hundreds of people. We were able to review the results to find out which sectors were performing better than others. Peterborough is made up largely of small medium enterprises and it is the continuing success of these that helps determine the pace of growth. New start-up companies are crucial to the city’s economic health – and that is why Rawlinsons organised a business growth seminar this week to offer help and guidance.