It’s human nature to compare ourselves to others. How we look, what we own, and how successful we are. The same applies to business.
Business owners are curious: is mine as big as yours? How does my business stack up against the industry?
Business benchmarks are a great tool to measure how a business is performing against its peers. While you usually can’t ask your competitors how they’re going, industry benchmarks can provide insight based on a range of factors including turnover, gross profit margin, employees, and region. This can add another dimension in analysing your business’ performance.
Benchmarking against the average provides a relative measure of performance, however if you’re striving to be the best then you need to set your own benchmarks. Maxim is passionate about analysis for business, contact us on 4925 1000 to review your business’ benchmarks.
Written by Client Manager, Courtney Dolan.