How do you compare with your peers? Are you better? Are you setting the bar higher? Are you complacent and happy with where you are currently? How does your business know if you are performing better than last year? How does the business compare your results with the rest of the world?
Too many companies are focused only on doing better than their record of a year ago or a few months ago, or most importantly comparing just their internal record and trend. How do you compare your record when you look externally? Is it better or worse? Have you done so? Why? Don’t be fooled that just because you are doing well internally that you are doing well compared to your peers across industries. Make sure you know how you stack up.
As the talent war heats up, so do the capabilities that others may have and utilise to bring greater performance versus your capabilities. A working knowledge of your current and future required capabilities can help you and your business as you strive to bring more value. The focus needs to be outside-in so you understand what the rest of the world is doing; don’t fall behind – be aware and plan for the future by looking outside–in.