Benchmark Against Competitors
Jo Rawald • May 27, 2024
Compare your financial performance against industry benchmarks to identify opportunities for improvement.

Welcome back to May Money Management Month, where we're unlocking the secrets to small business success one tip at a time. Today's golden nugget of wisdom? Benchmark Against Competitors. Let's dive into why this is crucial for your business growth.
Benchmark Against Competitors
Running a small business can often feel like navigating uncharted waters. But here’s the secret: you don’t have to go it alone. One of the most effective ways to ensure your business is on the right track is by benchmarking your financial performance against industry standards. Here’s how and why it’s so important:
Why Benchmarking Matters
Benchmarking allows you to compare your business’s performance with that of others in your industry. By doing this, you can identify areas where you excel and, more importantly, areas where you might need improvement. Here are some key benefits:
1. Identify Opportunities for Improvement. By understanding where your competitors stand, you can pinpoint specific areas where your business may be lagging and develop strategies to improve.
2. Set Realistic Goals. Benchmarking provides a realistic picture of what’s achievable in your industry. This helps in setting more accurate and attainable business goals.
3. Gain Competitive Insights. Understanding your competitors' strengths and weaknesses can give you insights into market trends and help you develop a competitive edge.
How to Benchmark Effectively
1. Choose the Right Metrics. Focus on key financial metrics such as profit margins, revenue growth, and cost management. These are critical indicators of business health.
2. Use Reliable Data Sources. Industry reports, financial statements of public companies, and market research studies are excellent sources of benchmarking data.
3. Analyze Regularly. Make benchmarking a regular part of your business strategy. This allows you to track progress over time and make necessary adjustments.
Take Action Today
Monitoring your profit margins is a great start, but there's so much more you can do to ensure your business stays ahead of the curve. Ready to take your business to the next level?
Book a Free Discovery Call:
Take your business to the next level by monitoring your profit margins. Let's chat! Book a free discovery call with me today and let's explore how I can help you unlock new opportunities for growth.
Stay tuned for next week's tip, and until then, keep striving, keep thriving, and keep mastering the art of successful business management. Remember, every small step you take brings you closer to big success!

I went to a networking event yesterday at Rosie’s Bar & Grill in Wilton Manors. Tropical-chic to the max. You know the kind of place - upscale casual, strong cocktails, mandatory valet. Now usually, I’m all about valet. But not yesterday. I wasn’t there to sip martinis or hang around all night. I could only stay for 20-minutes. That means - I was on a serious 20-minute mission: say hi, shake hands, peace out. Then, get back in my car to jump on a Zoom meeting! I certainly wasn’t about to drop $20 just to park my car for 20 minutes. No way! I pulled into the valet area, looked the guy dead in the eye, and said, “I’ll be in and out faster than your last relationship. Can I just park it right here?” And bless his heart - he said yes. Honestly, that should’ve been my win for the night. But then I met Sean Gac-Guerrier. Sean’s the Marketing Director at Excel Title, Inc. We started talking about dogs - and **cue the angels singing. We clicked instantly. Not two strangers meeting, more like two childhood friends who hadn’t seen each other in a decade! Sean showed me a photo of his dog, Dottie. I pulled out pics of my girl, Adelaide. Then he pulled out a photo of Dottie that stopped me in my tracks. Sean had a photo of what Dottie would look like as a human. Not a cartoon. Not a filter. I’m talking AI-generated, fully humanized, real-world, cardigan-wearing, intelligent-and-intimidating Dottie. I was mesmerized! It was as if Pixar and the FBI teamed up to design her. I looked at Adelaide’s pic… then looked back at Sean… and blurted out, “I need to humanize my dog!!” And I did. I went home, found the exact AI prompt, uploaded Adelaide’s photo, answered a few fun questions about her personality, and style - then… BOOM. Human Adelaide was born. Tall, lean, cozy-chic, with that unmistakable “don’t-mess-with-me-but-I’ll-still-hug-you” vibe. She looked like she ran Homeland Security and still had time for tacos and espresso martinis on a rooftop. Honestly? I stared at the image for like five minutes. Because it wasn’t just about making something cute. It was about seeing something familiar - something you know - come to life in a new way. Here’s the AI Prompt if you want to try it yourself:

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π· Dinner, wine, and your profit breakthrough: www.jorawald.com/Brains-Brilliance-and-Bold-Moves

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π https://siteeditor.thryv.com/home/site/c8e9f361/blog/if-your-business-feels-like-a-hot-mess-its-costing-you-money#preview

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π www.jorawald.com/youre-leaving-money-on-the-table-lets-fix-that

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π www.jorawald.com/the-right-clients-should-be-coming-to-you-theyre-watching-but-do-they-know-what-you-do

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π www.jorawald.com/this-one-zoom-call-changed-how-i-coached-forever

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π www.jorawald.com/the-lesson-i-didnt-expect-at-the-dog-park