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 we’ve just updated them with the latest data available.

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. We 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. Your registered tax agent may be able to also help in identifying areas for improvement.