The free business financial benchmarking service which has proven such a popular and valuable part of the Future Print Business Transformation Program, is now being released by Printing Industries to its wider member base, with the support of sponsor, Media Super.
Usually offered by benchmarking.com.au for $575 per business, the service is being made available to Printing Industries members completely free of charge, thanks to generous support from Media Super, which is underwriting the service 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
Businesses across the country have entered their 2013/14 financial year data into the specially configured industry benchmarking tool on benchmarking.com.au as part of their involvement in the Future Print program, and have received their free report on the comparative performance of their business.
The reports contain a range of vital and valuable data, comparing their performance against industry averages across categories including:
•Income, gross and net profit
•Financial ratios
•Overhead ratios
•Personnel ratios
In addition, business owners have been able to compare their own performance against like-sized turnover businesses in the industry, capital city versus regional operations, and also against the wider industry and the general market, to give a very clear overview of how they are tracking.
“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.
“For instance, 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.
“For many who have already received their report, it has delivered peace of mind that they are on the right track. 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 recognise 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.”
Through Future Print, 96 companies have already participated in the benchmarking process, providing benchmarking.com.au with a statistically valuable ‘critical mass’ which has enabled them to evaluate the 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,” Mansfield says, pointing out that the more businesses that become involved, the more accurate and valuable the broader data becomes.
“On an individual level, our experience so far has proven beyond doubt that this benchmarking tool can really assist businesses to get a clearer picture of how they are performing, so that they can maximise opportunities and build greater success for the future,” he said.
“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 wider benefits of Printing Industries membership, contact your local Printing Industries office or go to www.printnet.com.au
Printing Industries Association of Australia
www.printnet.com.au
