How you know your business is profitable post Covid-19

There is increasing concern by economists that a number of businesses will not recover after the government support package of JobKeeper comes to an end. Fortunately, the program has just been extended. However, for some companies, this may only delay the inevitable.

Some industries are clearly more vulnerable than others, so I thought I’d look into business benchmarks for painting services. They will give you a guide what to aim for. The table below shows the percentages of business costs that will result in different profits depending on your business’ annual turnover.

Now is the time to get working on revitalising your business and work out how it can stand on its own feet again. Despite the JobKeeper extension announcement this business lifeline will come to an end eventually. It’s business owners who know how to plan and budget for their business recovery who have the best chances to survive the economic crisis.

If you need help to work out how to best manoeuvre your business through these times, feel free to contact us for a FREE Covid-19 Business Recovery Session.

Benchmarks for Painting services

Businesses in this industry supply Total expenses to turnover is the key benchmark for this industry

Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.