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Overview | Basics | Financial | Merchandise & Inventory | Sales | Productivity | Operations & Expense | Others | Resources
The best industry information comes from your peers. By using this information, you can make improvements to your business. This is the basics of benchmarking—learning from others. Benchmarking allows you to compare one area of your college store business to that of another, or one area of your business to the same area of your business in another year.
Benchmarking is a comparative process, and is done from the perspective of the college store’s stakeholders—its customers, faculty, staff, and management. Management may include the institution’s administration, private owners, or contract management firms.
A benchmarking analysis must define objectives or outcomes. Primary objectives for implementing benchmarking procedures could include:
Benchmarking can help you:
The benchmarking process is never completed. It is a continuous improvement process. This section outlines and defines “key performance indicators” that every campus store professional should know about their operation.
Benchmarking tips to keep in mind: