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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

How to do benchmarking - checklist

Benchmarking provides a useful way to measure how effective your processes are, compared to competitors. Here's how to start benchmarking in your business.

  • Select one or two important activities to benchmark - typically, a few key processes and related key performance indicators (KPIs).
  • Establish who will carry out the benchmarking project and whether they need help.
  • Decide what will be the most useful comparators - industry statistics, similar businesses, outstanding performers or a best-practice model.
  • Contact your trade association or consultancies to identify any relevant benchmarking packages, models or industry studies.
  • If appropriate, identify and approach three to six partner businesses; decide what information you will exchange and how it may be used.
  • Draw up an agreement with any partners, taking into account the need for confidentiality and any legal or ethical constraints.
  • Collect internal information on the processes and KPIs you will be benchmarking.
  • Get comparative statistical information from published sources, industry studies or partners using a questionnaire.
  • Use site visits to investigate partner organisations, their processes and strategies and the business environment they operate in.
  • Analyse key differences - in performance, in how you carry out processes, or in policies, objectives and other strategic issues.
  • Investigate why you differ, and to what extent differences reflect comparative weaknesses or different objectives and constraints.
  • Identify potential improvements and develop an action plan; consider how you will manage any changes required.
  • Review how successful the benchmarking study was and the impact of any changes you made.
  • Plan future benchmarking activities so that you continually improve your business' performance and keep ahead of the competition.

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