Important Benchmarkers To Complete On An Annual Basis
There are things we do every day, like brush our teeth or wash our faces. There are things we do every month, like get a haircut or call that one friend who lives across the country. Similarly, there are items to check daily, weekly, monthly, quarterly, bi-annually, and annually in Gazelle.ai. Check out our Annual guide below!
Update Your Benchmark Analysis
It's time to check in on your previous benchmark studies. As government data is updated on an annual basis, it makes sense to wait for 12 months to pass before re-evaluation. It's useful to play devil's advocate with yourself in order to determine what has been or hasn't been working for you. What's changed since last year? Have you made any strides towards your goals? Has a competing region implemented a change regarding rules and restrictions for companies, which may affect you? These are the types of questions you may want to ask in order to better understand how you fit within a wider picture. This will help you determine what your next steps should be.
Identify New Competitors, Keep a Tab on Old Ones
Using our Industry Finder, we recommend utilizing our 'Heat Map' to identify who your primary competitors are within each of your key sectors. You may be aware of some of the competing regions, but with the latest-and-greatest disruptive technology hitting global markets every day, you can identify emerging competitors quickly by comparing them to figures from the previous year. The best Economic Indicator to use would be those which demonstrate a percentage change over time, eg: average gross profit growth, average salary growth, establishments growth, etc.
Compare and contrast elements of your value proposition against your competitors. For example, your region may have a very high average salary growth, but if it also has the highest average gross profit growth for your key sectors then you know the average salary is not a threat to your perceived attraction from investors.
Re-Evaluate Your Target Company Lists
In light of all the new information you may have uncovered by now, you may want to reconsider your criteria for targeting companies. Perhaps you've been investing a lot of time and effort chasing companies in a declining industry? Maybe you've noticed one of your competitors has adjusted industry regulations with a positive result (eg: the cannabis industry)? It's time to go back to square one and rebuild a brand new target company list with all the different insights you've just uncovered guiding you through the process.
Those are some of our best tips and tricks for keeping up with Gazelle companies on an annual basis! If you'd like to check out our other 'How-To' Guides, you can click here.
Interested in booking a session on integrating Gazelle.ai into your daily, weekly, monthly, or yearly routine? Please schedule some time to meet with our Training Specialist by clicking here.