Keywords: benchmarking, best practice, small and medium size enterprises, SMEs, self-assessment, business growth, case study, key business practices
Benchmarking best practice in SMEs for growth
The paper proposes a methodology for best practice self-assessment for SMEs based on key business practices. The development of a self-assessment tool, to enable the SME to measure its own capability in key business practices, is described, together with an illustration of how the tool has been applied in SMEs. The tool is designed to support business growth by assessing best practice in a range of key business activities. This then allows the company to define a programme of work that will lead to growth targets. The tool thus offers as a method to identify key areas for development as a precursor to accessing tailored business support, rather than generic, unfocused support.