Regular members of the Association should have received an email today from Matt Chaffin at Industry Insights. It is your invitation to participate in the third annual Business Profile & Financial Performance survey, also known as the benchmark survey.
The email subject line was “Farm Equip Mfg Assn (FEMA) Benchmark Survey Invitation.” The sender’s email: firstname.lastname@example.org.
This confidential survey is a benefit of membership that offers respondents insights into plant profitability, productivity, and financial management.
The information you provide about your company goes directly to Industry Insights, where it is processed—then shredded—by CPAs. No one affiliated with the Association has access to company information.
Researchers will return to participants two reports: a customized company report and an industry-wide report.
In the company report, members will receive a one-page summary that 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 in broad terms—weak, strong, fair, or good. There’s also a deep dive into the data that gives companies information that compares their operations to participating companies of similar size.
“This data can point to opportunities to save money and improve productivity,” said Executive Vice President Vernon Schmidt. “It is a tool with the very real potential to improve your bottom line.”
Results will not be available to member companies that do not participate.
Members have the option to submit financial documents to the CPAs at Industry Insights to save time. You can learn more by reading the instructions from the firm, or get in touch with Chaffin. Call Industry Insights at (614) 389-2100.
The deadline to complete the survey is April 17. Industry Insights anticipates releasing results on May 31.