The ATO have prepared some Business Benchmarks for Small Business. Your business may fit into one of the listed categories however some wont. Pick the area which may be the closest fit. It is very interesting to see what the averages are for each industry. You can use these figures as a guide to see how your business is travelling as well.
Click on the link below to view the Small Business Benchmarks prepared by the Australian Taxation Office.
What to do now. Make sure your profitability is as good as it can be and review expenses and the type of business you are doing. Can you concentrate on customers or products which are more beneficial to your business?
That raises another question, have you done an analysis on the profitability by Product and Customer?
Many local councils offer a free mentoring service which is usually a retired expert. They can have a good look at your business from the outside and give advice. These programs usually run over weeks or months.
A part time professional may be a good choice for your business. You can engage a part time Accountant/Financial Controller to help your business and to work with your business for a nominated day per week/month or timeframe. It works well to keep your existing staff and engage a Part time CFO to assist with financial and Management decisions. That way there are no overheads or lock in contracts for employing expensive Management staff. It is often the case where fresh eyes can provide a huge benefit. Part time professionals also bring with them huge knowledge and experience in many industries.
What is your profitability? What was it for the previous years and what is the expected Revenue and hence profit?