March 3, 2023
We understand that as a small business owner, you need accurate and reliable financial data to help you make informed decisions. That's why we've compiled a comprehensive library of industry-specific benchmark data based on small business tax returns that we've calculated each financial line item as a percentage of total revenue so you can compare to your very own business. Here, you'll find various links to industry specific articles that will outline typical financial line items such as revenue, expenses, profit margin, material costs, and more!
Small Business Industry Financial Benchmark Data
Most recent IRS data used is from 2019 tax returns given the irregularities of financial data during the Covid-19 pandemic. Data will be updated as new tax return data becomes availabe.
- Airbnb Industry Benchmark Data
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How to find industry average ratios
One common method is to use financial benchmarking tools such as the industry-specific data libraries listed in this article, which provide access to financial data from a large number of companies within the same industry. You can also conduct research online, looking for industry-specific reports and publications that include financial ratios.
There are several ways to find industry average ratios for your business. Additionally, you can analyze financial statements of publicly traded companies within your industry and calculate their ratios to obtain industry averages. It's important to remember that the accuracy of industry averages can vary based on the size and location of the companies being analyzed, so it's crucial to use a variety of sources to ensure the most accurate benchmarking data.
What is industry averages
Industry averages refer to the typical financial performance of companies within a particular industry. These averages are calculated by analyzing the financial statements of a large number of companies in the same industry and calculating their key financial ratios and typical financial line items. By comparing your own company's financial ratios to industry averages, you can gain insight into your company's performance relative to your competitors and identify areas for improvement. Industry averages can also be useful in setting financial goals and developing business strategies that align with industry standards. However, it's important to keep in mind that industry averages can vary depending on factors such as company size, location, and business model, so it's important to use benchmarking data carefully and with a critical eye.