The best benchmark is the competition, not the plan

This article questions whether comparing the financial performance of a company with its previous year's results is a suitable way to measure success.

The best benchmark is the competition, not the plan

Jules Goddard and Tony Eccles

"The real profit ultimately earned from a business is simply the realisation of relative advantage" – Kenneth Simmonds

How much value does a business need to add for this to count as a success? Performance is always relative – but relative to what? If we are to know whether performance is good or bad, improving or deteriorating, accelerating or decelerating, we need a standard of comparison. So with what benchmark or index should a business compare its results and its added value?

Traditionally, companies...

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