Benchmarking with the Business Benchmark Report

Learn about the associated industry including growth forecasts and the economic drivers behind it, employment trends and forecasts, wage comparisons against other Australians, average business sizes and, factors influencing the industry’s performance.

To assess how a business performs operationally against industry peers. This includes analysing productivity, asset usage, employee performance, stock turn rates and investment decisions.

Review the complete analysis utilising the KPI Feedback and Recommendations. This section is designed to improve business performance by addressing core performance metrics such as profitability, productivity, capacity growth opportunity, asset usage, employee performance and unnecessary costs. Business owners receive a KPI score against key measurements relevant to each industry. Our report further highlights what the score means and what owners can do to improve their score year on year. Business owners can therefore use this tool as a baseline for annual business improvement. Find out more about our ratios here.

Undertake a complete 360-degree review by seeing how a business performs against the ATO Small Business Benchmarks. Businesses that score outside of the ATO Benchmarks are more likely to receive a tax audit. Read more about ATO Benchmarks here. Additionally, you can view the ATO website here: https://www.ato.gov.au/business/small-business-benchmarks/

Get a clear idea of much a business would be valued on today’s market. Our analysts use the Fair Market Value approach which gives business owners a real business value figure. Business owners can use this figure as a starting point to develop more in-depth analysis with their accounts and advisors to assess the true financial position of the business.

Drive business improvements utilising our tailored growth strategies. Each strategy is built based on industry wide growth opportunities and forecasts. Strategies are tailored for each business and include the following high-level themes:

► Implementing new technologies to drive business automation

► Increasing brand awareness to create more business opportunities

► Building customer relationships to increase customer satisfaction and ensure strong reviews and referral

► Increasing gross margins via streamlining of business administration

► Leveraging compliance requirements to promote the business skills

► Upskilling crucial management and employees to retain employees

► Exploring economies of scale options to reduce costs

► Undertaking market research to develop niche positioning in the market

► Developing minimum standards for desired premises upkeep

► Analysing premium product opportunities to increase competitive advantage

► Leveraging trends to reduce costs and increase market demand

► Utilising market proximity to drive increased traffic to business premises

► Implementing relationship management systems to leverage B2B relationships

► Investing in high value specialist equipment to drive new products and services offerings

► Researching market needs to develop value added offerings

► Conducting a competitor analysis to establish current market position to ensure correct price points

► Building project management systems to effectively implement projects

► Ensuring multi-sales channel opportunities for customers to purchase