Meaning ● Cross-sectoral benchmarking, within the context of SMB growth, involves comparing the business processes, performance metrics, and strategies of an SMB to those of organizations in entirely different industries to pinpoint areas ripe for improvement. It’s not about direct competition, but rather learning from potentially superior practices applicable across domains. This approach is particularly useful for SMBs looking to implement automation and scale operations because it provides innovative solutions that might not be apparent within their existing industry. Identifying best practices in supply chain management from the logistics sector, even if the SMB operates in retail, may reveal efficiency gains.
