Printing Industries is making its popular business financial benchmarking service available free of charge to all of its members.
The service at benchmarking.com.au– usually offered for $575 per business – has been a feature of the Future Print Transformation Program and has been released by Printing Industries to its wider member base thanks to the support of Media Super, which is underwriting the program for an unlimited number of businesses for two years.
The service is now open for the entry of 2014/15 data at www.printnet.com.au/benchmarking.
“The value of the benchmarking report is that it allows businesses to immediately see where they are doing well, while also identifying areas where their performance could be improved,” says Printing Industries general manager, member services, Peter Mansfield.
“Business owners can find out how much they are really earning for their time, effort and risk, and how that compares with others in the industry and more broadly. You can identify how much income you are bringing into the business per employee, and see how your overheads and personnel ratios compare with other companies,” he said.
Through Future Print, 96 companies have already participated in the benchmarking process, providing benchmarking.com with a statistically valuable ‘critical mass’ that has enabled them to evaluate responses and release some initial summary data.
This has shown, for example, that the top 25% of performers are delivering a net profit – before owners salaries and benefits – of between $90,000 p.a. for businesses with a turnover of less than $700K to well over $400K for businesses with turnovers between $1.5 and $3 million. Total income ‘per employee’ across these same categories is relatively consistent regardless of business size, with the top 25% delivering results between $170K and $180K per employee.
“This data not only provides a ‘snapshot’ of industry performance, but continues to provide vital collective data for industry planning as we move forward,” said Mansfield, pointing out that the more businesses that become involved, the more accurate and valuable the broader data becomes.
“For many who have already received their report, it has delivered peace of mind that they are on the right track,” he said. “For some, it’s confirmed the value of their business both as a viable ongoing concern and, in some cases, as a saleable asset. For others, the ability to recognize areas that need attention has helped them identify the training, resources and investment that are needed to better equip their businesses for a successful future.”
“With Media Super’s support, there has never been a better time to access this valuable information, so I’d encourage all industry businesses to take advantage of this offer.”
To find out more about business benchmarking, register your business for the free service or get more information on the benefits of Printing Industries membership, contact your local Printing Industries office or go to www.printnet.com.au.