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Benchmarking is an improvement tool whereby a company measures its performance or process against other companies' best practices, determines how those companies achieved their performance levels, and uses the information to improve its own performance.
For a public restaurant company, it's not difficult to find out how your financials measure up to those of the competition, but for small- to medium-sized restaurant companies, these numbers aren't as easy to come by. Without benchmarking studies, it can be tough to tell how your company fares in the industry.
SS&G Financial Services, Inc., in partnership with Restaurant Finance Monitor, recently completed its third annual benchmarking survey of more than 137 franchised and independent restaurant companies. These small- to medium-sized groups represent $9 billion in sales and 6,350 units.
To read more about the results of our third annual survey, check out the fall 2007 issue of Selections.