Page 51 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

I/1. COMPARISON AGAINST OTHERS: 1.•••s01.

BENCHMARKING, BEST PRACTICES, 101
CREATIVE
AND RACING AGAINST PHANTOM PROBLEM
SOLVING
COMPETITORS TECHNIQUES

Recently firms have turned to
benchmarking as created by Xerox, to-
gether with the GE version of this tech-
nique, known as best practices, to iden-
tify potential problems. In benchmarking
a firm compares its practices with those
of the firm that is considered the best in
its industry. In best practices, a firm com-
pares itself with the firm that is considered
the best at certain practices, regardless of
the industry in which it operates. The re-
sults of these comparisons are used to mo-
tivate change and as goals for improve-
ment.' When he was head of the Bonneville
Power Administration, Peter T. Johnson
created a fictitious supercompetitor with
which to compare his organization. 2 Other
firms create a composite supercompetitor,
taking the best practices in different areas
and combining them.

2/2. HIRE FUTURISTS AND OTHER
CONSULTANTS

No one says you have to discover problems yourself. Why
not hire someone to perform this task for you? There are
numerous futurists and other consultants who can guide you.
They often bring a fresh perspective. For example, they may
be able to see the forest for the trees, something someone
close to the situation may not be able to do.

3/3. MONITOR WEAK SIGNALS

A standard strategic planning technique is to pay careful at-
tention to weak signals in the market. Forecasters, clipping
services, and networks can keep you informed. Attending
seminars can perform a similar function. Two real estate
developers decided to dispose of their prominent real estate