 Beware of Benchmarking!
If there was ever a business quicksand pit, it would be the practice of benchmarking. Benchmarking, as a business practice, came into prominence in the 1980s as organizations strived to find ways to improve themselves. A worthy exercise at its basic level, benchmarking is the process of comparing how your company or organization does things with how others do things. In particular, those companies or organizations perceived as industry leaders. Now this in and of itself isn't so bad. There can be value in studying how others do things.
My issue is that there is a tendency to compare your RESULTS with theirs and attempt to replicate them and here's where benchmarking can be a misleading endeavor.
Read the full article.
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Net 30 Payables - An Interesting Concept
by guest author Steve Gilbertson of Electramatic, Inc. Businesses have been operating on a Net 30 basis for decades yet some companies are trying to force their suppliers to Net 45 or Net 60 days on paying invoices. I believe this practice has had a devastating impact on the manufacturing supply chain and is contributing to today's credit crunch as well as our current economic difficulties.
| Read the full article.
Steve Gilbertson is President of Electramatic, Inc. ((www.electramaticinc.com), a wire harness manufacturer and electrical cable assembly supplier based in Minneapolis, MN.
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