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Business Benchmarks

What are Business Benchmarks?

Benchmarking your business is a way of measuring your performance against similar-sized businesses in your industry. Benchmarking shows you whether your performance is stronger or weaker than your competitors. It will give you a clear picture of where improvements are needed and how to increase profits.

The TaxFitness business benchmarks database is comprised of 102 different business industries.

Benefits of Benchmarking Your Business

Benchmarking helps you to:

  • See where you can reduce costs and improve efficiency
  • Assess the productivity of your business compared to how many employees you have
  • Identify opportunities for improvement, new ideas and innovative practices
  • Highlight opportunities for making your business more competitive
  • Forecast the impact of any changes and see how to prepare for growth

Business Benchmarks Database

The business benchmarks database covers 102 different industries ranging from air-conditioning businesses to watch & jewellery retailers. The business benchmarks are designed to simply highlight the 5 most important benchmarks for each type of business. The 5 key benchmarks are:

  • Cost of sales
  • Labour
  • Rent 
  • Motor vehicle
  • Net profit 

The business benchmarks database can be used in 3 ways:

  • Individual business benchmarks fact sheets can be printed out and provided to business clients when you annually review their profit performance (at their annual tax return preparation interview).
  • The fact sheets can be emailed to clients who are interested in improving their business profitability.
  • As a marketing tool. For example, direct mail business benchmarking factsheets to local businesses with a cover letter offering to provide a business profitability review. A local coffee shop for example, would receive the coffee shops fact sheet.

View the 102 business benchmarks here.

Example Business Benchmark

No 1 - Air Conditioning, Refrigeration and Heating Services 

Business Profile

Businesses in this industry install, repair and maintain ventilation, air conditioning, heating and refrigeration systems. 

Key Benchmarks

Cost of sales to turnover is the key benchmark for this industry.

business benchmarks