It is not only large businesses that need to apply benchmarking techniques.

The expectations of the global consumer are such that businesses now have to compete on standards of service and price, regardless of their size.

Research has indicated that many companies are missing out on significant profit opportunities by not implementing best practices.

The benchmark index

The Benchmark Index, created by the UK's Small Business Service, allows you to compare your business against over 2,000 benchmark results.

Benchmarking can help to improve productivity and competitiveness, and can reveal new business opportunities.

If you think your business has room for improvement in performance and profitability you might start by completing the free online 'healthcheck'.

This will help you gauge the performance of your business in the areas of finance (including R&D and marketing expenditure, turnover, and loans), customer service, innovation and suppliers, and employees.