Find benchmarking data
There are several ways to find data that you can use to benchmark your business.
Speak to your business or industry association
Contact your relevant business or industry association and ask them to provide any information they have about performance standards (or benchmarks) for your industry. Many associations have detailed information that you can use to measure your business's performance against the standards set by your industry.
The Australian Tax Office (ATO) small business benchmarks are a guide to help you compare your business's performance against similar businesses in the same industry.
Use a commercial benchmarking business
Commercial benchmarking businesses can give you data for a fee. Always do your research to make sure that:
- the data you receive is accurate and up to date
- any data you provide is confidential and not linked to your business
- you are receiving value for money.
You could also seek advice from your business networks to find a benchmarking company that will suit your needs.
Do your own benchmarking
If you have the expertise, and the time, you could do your own benchmarking. You will need to set aside time to find access to the data you need, as well as extensive time to research and record your results.
To make this process easier, you could also use a combination of data from a commercial benchmarking company and your own research.
For example, you could examine the ways that you control your stock and compare this to the performance of similar businesses.