Productivity Matters: Benchmarking Your Company to Up Your Game
Canadian companies lag behind their American counterparts in terms of productivity. So what can be done to reduce this gap with the United States and reverse the trend? In our opinion, Canadian small and medium-sized businesses should use formal processes to improve their productivity.
A survey of more than 1,500 Canadian entrepreneurs showed that less than half (46%) of Canadian small and medium-sized businesses formally measure their productivity. Furthermore, only 6% adopt formal comprehensive metrics and compare themselves with their peers.
Measuring and improving productivity generates tangible benefits. In fact, a third of respondents who have implemented formal and comprehensive measures to assess productivity indicated that this enabled them to increase their profits.
In order to help Canadian companies improve their productivity, BDC has developed, in collaboration with Statistics Canada, the first productivity benchmarking tool for Canadian companies. This online tool is easy to use and free. It allows you to position yourself in relation to other Canadian companies in your industry.