SME Benchmarking – What to do
Compare your business against average competitors, using ATO data, to see how your business stacks-up.
Firstly, plug in your key business figures, next add the newly available ATO data, and this sheet will show where you sit compared to other Australian businesses in your field.
In the recent post 5 Profit Boosters we discussed how profit is a factor of price or cost….Really gain value from this benchmarking tool by examining how your business compares on both profit and costs. Make really powerful decisions for boosting profits.
BEFORE YOU START
You will need a current Profit and Loss report (Income Statement) plus be connected to the internet.
Work you way through these 5 steps
Fill in the sheet’s green sections as you go…
- Enter your figures from a recent profit and loss
- Do a quick cross check to ensure the entered profit number matches your original report
- Pick the Sales value of any One Item you sell and enter the values in these green cells
- Add the ATO benchmarks for your business
- Scroll Down to your comparison below
The spreadsheet also has a worked example on the second tab, to use as a reference guide.
Click here to open FREE SME Benchmarking
RED variances indicate your business is doing worse than your industry average – investigate ways to increase prices and decrease costs to boost profits.
NOTE: As our gift to our readers, there are no subscriptions to fill in or boxes to tick – simply click this blog link to directly access the excel calculator.
Remember these are ATO averages, taken primarily from BAS, so use them as a guide, not gospel.
Let’s face it, we all want to be better than average and to have more Profit – keep it simple and you can start improvements today!