We’re getting ready to launch our biennial Cost of Doing Business survey, and you should plan to participate. On Oct. 5, the survey opens for NSCA members to complete. You provide some basic information about your company background, staffing levels, and expense data (all of which remains confidential and is processed by a third party); in exchange, we use the data to compile a Financial Analysis of the Industry Report and send you your own customized report.
You’ll also receive free admission to a webinar that will address the survey results and provide tips on applying the report to your own business.
The Financial Analysis of the Industry Report will help you:
- Benchmark key financial ratios, such as financial KPIs, sales ratios, and project trends
- Compare your company to companies of similar size and to the industry overall
- Identify areas of excess spending, inefficiencies, and wasted money
- Pinpoint efficiency and financial performance aspects that beat the competition
If you discover areas of large deviation from the median when comparing the metrics provided in the report, we recommend highlighting those areas to review with your management team. These deviations indicate areas where you can potentially reduce costs and, in turn, increase profit margins.
Craig Lubbers, CFO at Tech Electronics, explains why all NSCA members should participate and make use of the report.
Lubbers says: “It’s a valuable tool in measuring the effectiveness and efficiency of our organization compared to others in our industry. The resulting data not only gives my team excellent financial and balance sheet ratios segmented by region and company size, but the specific sales data captured in the industry-specific revenue categories provides our sales and marketing group great insight into trends that allow us to more strategically deploy our resources. I would be an advocate of generating this study annually due to the value I place on the resulting data.”
Mark your calendars for Oct. 5, and plan to complete the survey. The sooner you provide feedback, the sooner we can send your customized report to you. –Chuck Wilson, NSCA Executive Director