The Benchmark Survey
About the Benchmark Survey
The Entrepreneurial Standards Forum's Benchmark Survey is simple in concept and elegant in execution. In the Benchmark Survey, an entrepreneur's answers are compared to the answers given by successful companies. The resulting Benchmark Report shows the entrepreneur where they are on the 'success path'. The Benchmark Report has proven to be a highly effective gap analysis for the entrepreneur, and a due diligence framework for investors that works to standardize the interface between them. Standards create new efficiencies. Entrepreneurial standards create entrepreneurial - and angel investor - success.
How Do I Use The Benchmark Survey?
The Benchmark Survey has proven a powerful tool for quickly getting an accurate "gap analysis", or assessment of the company's strengths and weaknesses. The Survey has been validated in this role over the past two years with companies from a wide range of industries. The Angel Capital Summit review board used the Benchmark Survey to better understand the businesses that applied to present at the conference. Similarly, you can use the Benchmark Survey to gain new insights into your business concept.
It is important to note that the survey is not an absolute predictor of success or failure. Neither is appropriate to use it as a stand-alone tool for ranking businesses. Instead, it's best used as a way to quickly understand where your company's weak spots may lie. Based on that assessment, the next step is to focus on those weak spots to see if they really are weaknesses, and if so, how to mitigate them.
This is why you're invited to take the survey more than once -- as many times as you wish, in fact. If your business has been in operation for a while, we suggest you take the Benchmark Survey twice: the first time from the perspective of when you first started operations, to see the roots of your success to date. Then take it again from the perspective of where you are now and the investment you're thinking of making to reach your next stage of growth.
Yikes! My Survey Has Some Red Answers! Am I Doomed to Failure?
Of course not!
Bear in mind that in over three years of use, only a small handful of companies have ever scored entirely within the Benchmark. The Benchmark measures aggregate trends; yet every business is unique.
As one CEO put it: "A score off the benchmark isn't a show-stopper: it's a point for discussion."
So, what should you do if you have some scores off the benchmark?
First, click through to read the "Full Report". This report explains the survey questions in some depth, and suggests possible weaknesses in your business model based upon your answers. This is a good start.
Second, carefully consider your business plans in each one of the areas flagged as a possible problem. In your industry, or in your business, is there a good reason why your score is different? Or, if there really is a potential weakness, what steps can you take to mitigate the weakness?
Finally, consider what you can do to mitigate any weaknesses in your business concept. This may require you to revisit your plans, but the result will be a business more likely to succeed.
