The response rate for the Association’s third annual benchmark survey, or the Business Profile & Financial Performance Survey, was off to its most successful start earlier this year. Then, everybody got a little distracted.
Industry Insights, the firm collecting and analyzing the data, has extended the deadline to participate to May 22. Member companies that respond will receive results by the end of June.
Prime contacts at regular member companies, as well as the individuals who completed the surveys in 2019, received an email Thursday from Matt Chaffin at Industry Insights. Look for something from firstname.lastname@example.org.
This confidential survey is a benefit of membership. It offers respondents insight into plant profitability, productivity, and financial management. Participants will receive a customized company report and an industry-wide report.
The company report includes a one-page summary and breaks out 17 key criteria such as net profit margin, payroll as a percent of net sales, and cash cycle. The report characterizes your performance as weak, strong, fair, or good, then takes a data dive that compares your operations to participating companies of similar size.
The information you provide goes directly to Industry Insights, where it is processed, then shredded, by CPAs. No one connected to the Association sees it.
If you have questions, call Matt at Industry Insights at (614) 389-2100, or contact Kristi at the Association at (314) 878-2304 or Kristi@FarmEquip.org.