I often wonder how a business could get better if it didn’t know what being the best meant. How could a small business entrepreneur determine he was indeed performing at or above the industry standard if there was no information available to say what was the best, average or poor? There isn’t any real performance standard, that is financial standards, for any particular small business operation.
A focus group in business refers to 20 entrepreneurial members that gather together quarterly and share their financial and production information. This allows the membership to identify what works well and make corrections.