Business owners are rapidly catching on to the fact that data is the key to success in today’s rental market. The process of assessing past, present, and future positioning requires facts specific to your unique history. Without this information, effective decision-making is close to impossible. Determining achievable goals then relies on benchmarking for dealers.

What is Benchmarking for Dealers?

Benchmarking is a standard by which the progress or performance of a company can be measured. As Bob Clements of Bob Clements, International, says, “Most dealers are so busy firefighting that they don’t understand the importance of running their business. I constantly preach to my dealers to measure, measure, measure.” In other words, business owners can increase yearly revenue by focusing less on daily tasks and more on the big picture.

Top Benchmarking Tip from Expert Bob Clements

Once you’ve established your realistic benchmarking goals, be sure to compare those to industry standards by evaluating relevant news sources, resources provided by thought leaders, and discussions concerning current trends, advises Clements. Having a set of expectations for your business that is measured by documented history combined with the latest industry standards creates a financially lucrative foundation for benchmarking.

The Key to Proper Benchmarking

“One of the challenges that most dealers have is they fail to fully utilize their Business Management System and the reports that it can create to keep them focused on the profitability on a weekly basis,” says Clements. The importance of benchmarking for dealers, therefore, is built around the regular and consistent practice with future-facing tasks that incrementally improve progress. Current ASPEN users benefit from the many tools that make benchmarking as accurate and accessible as possible. ASPEN Business Management System’s many benchmark success features provide a process for collecting and tracking data needed to analyze your business. Learn more here.