Benchmarking your business

Benchmarking your business is a way of measuring your performance against similar-sized businesses in your industry. It gives you essential information about how you can improve your business.

There are many ways to benchmark your business. You could:

  • buy financial benchmarking data to
    • compare your business's income, expenses and profitability against your industry averages
    • examine the financial data of similar businesses
  • contact your business or industry association for information about industry standards to measure your performance against
  • research and compare your business's products, services and practices with your competitors.

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.

This guide will show you how to benchmark your business.

Last reviewed
June 28, 2016


General enquiries 13 QGOV (13 74 68)

Connect Follow us on Facebook Follow us on Twitter Follow us on Youtube