While owners operate away in their business every day, they would like to know how they’re doing compared with their opponents.
However, what if someone had compiled the information of ALL your opponents which would make it possible for you to see how you rank? A database of each competitor in the nation! Would you like to get your hands on that?
You can, and best of all, it is entirely free! So who has this information, and why are these being so generous with it? You’ve already paid for this information, that is why it’s free! So who’s this benefactor?
They have information about every business with an ABN. They’ve compiled this by business sectors (see link below). Not all industries are covered, but new ones are added occasionally. If your particular industry is not there, select an allied sector since it’s very likely to be reasonably close.
Being the ATO, you may suspect a hidden agenda. They are not spying on you, as you can do the benchmarking manually, so that they do not see your data, but the purpose is to crack down on companies that inflate their costs whilst taking money in hand, so if your organization sits outside the benchmark variety, expect a knock on the door from a friendly’ auditor. That is not to say; you might not have good reasons to be outside the scope.