Have you done a health check on your business lately? Just like your annual check-up at the doctor, you should check the health of your business on a yearly basis to identify any issues early on.
The small business benchmarks can help with this and the ATO keep them up to date with the latest industry data that is available. There are regular updates, so be sure to check back.
The easiest way to use the benchmarks is by logging in to the ATO app and using the business performance check tool. Just enter your figures and it’ll do the calculation for you. The ATO promise that they don’t save any details and what you enter is anonymous.
If you find you’re outside the benchmark for your industry, it can mean you need to fix something, like getting a better rate for stock or reducing wastage.
The ATO website offers many tools to help both you and your business. The small business benchmarks tool provides a guide to help you compare your business’s performance against similar businesses within the same industry.
The Pender Accounting Group offers a range of business and growth advisory services, and can help your business conduct a health check or help if you’ve found something which requires attention.
Pender Accounting will work with you to get a comprehensive understanding of your unique position and craft a solution custom fit for you. Get in touch to arrange a consultation for your business today.