If a horse is running a race by itself, it will win every time. Unfortunately, your business is anything but a single-horse race, and even a personal-best doesn’t necessarily lead to long-term sustainability. In every industry, there are many other horses (i.e. competitors) and globalization will only increase your competition in future races.
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” - Jack Welch
Many business owners see value in using peer group benchmarks both to understand the current situation and identify opportunities. Industry comparisons are a valuable part of understanding and improving business performance as they can point out areas that you need to take a look at and see why you may be performing below the rest of the industry in any given area.
For a collection of other benchmarking articles, select the following link -- Benchmarking Articles
Know Your Numbers. Know Your Business.