The easy way to benchmark your business
“How are we doing?” It’s easy to ask, but not always easy to answer. Of course, most of us have a sense of how well our business is performing compared with this time last year, or since we launched the new menu, or after we refreshed the brand. But it’s much harder to know if we’re outperforming the market – or falling short? The topline figures we read in the press are fine for a general context, but what about the key factors that we can control: are we paying too much; are we selling enough?
Well, now there’s a simple answer. Fourth has joined forces with CGA and Prestige Purchasing to provide unique insight into those two critical measures: food and drink inflation and sales performance.
This revolutionary approach integrates data from the CGA Prestige Foodservice Price Index into Fourth Analytics, along with market data from the Coffer Peach Business Tracker. As a result, Fourth customers will be able to see how their own data compares to reliable cross-industry information. They can track how they are performing against the market across a number of variables and check the prices they have paid for different categories of products.
In its simplest form, this means you can see how your sales compare to the market, on a like-for-like and sector-specific basis. On the purchasing side, you can tell if you’ve been paying the market rate for, say, meat for the past year. And, if you’ve been overpaying, the Fourth Analytics dashboard can show you how much you could have saved, and the effect on your bottom line.
This is really powerful information, especially in today’s troublesome business environment. It helps shine a light on your sales and purchasing performance and lets you see quickly which issues you need to address to get in line with – and outstrip – your competitors.
To find out more about Fourth Analytics and to see the benchmarking in action, view our webinar recording.