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Participate in the 2018 Cost of Doing Business Study

Participate in the 2018 Cost of Doing Business Study

The deadline to participate in the North American Retail Hardware Association’s (NRHA) 2018 Cost of Doing Business Study is June 30.

Is your average transaction size normal? Do you spend more or less on advertising than other independent home improvement businesses? How does your net profit compare to average and high-profit operations? Participating in this year’s study can help you get your questions answered.

Participation is easy and confidential, and is open to all hardware stores, home centers and lumberyards in the U.S.

What is the Cost of Doing Business Study?

Conducted annually for more than 100 years, the study is the independent home improvement channel’s only inclusive, industry-specific benchmarking tool. Business owners can use it to compare their financial performance to industry averages in areas including sales, profits, operating expenses and more.

This year’s study will also include data on hot topics like health insurance, wages and employee training.

5 Easy Ways to Participate

  1. Complete the online survey.
  2. Email your company information and 2017 year-end financial statements to dgowan@nrha.org.
  3. Complete this survey and email it to dgowan@nrha.org or mail it to:
    NRHA, Attn: CODB Coordinator, 136 N. Delaware St. #200, Indianapolis, IN 46204.
  4. Fill out your company information and attach a copy of your 2017 year-end financial statements and mail to:
    NRHA, Attn: CODB Coordinator, 136 N. Delaware St. #200, Indianapolis, IN 46204.
  5. Fax your company information and financial documents to 317-275-9403.

The deadline to submit your data for this year’s study is June 30, 2018. Take a few minutes today to submit your information before the heat of spring selling season begins.

Perks of Participating

The only way to obtain the 2018 Cost of Doing Business Study, which is valued at $500, is to participate. In addition to receiving the complete study, all participants also get the following informative elements.

  • What-If Scenarios. This section provides a summary of the financial information you submitted, and you can use it to create “what-if” scenarios. For example, if you think your cost of inventory may increase by 1 percent in the coming year, you can manipulate other areas, such as decreasing payroll, to see what changes need to be made to preserve net profit.

  • Your Ratios. This section includes your financial ratios along with a summary of the ratios used within the study.

  • Composite Financial Statements. These pages provide financial statements for typical and high-profit stores, including your company’s financial data, for comparison.

  • Strategic Profit Model. This section combines the principal elements of the income statement and balance sheet in a profit-planning equation so you can compare your results to both typical and high-profit businesses.

About Hilary Welter

Hilary Welter
As marketing and research coordinator, it’s Hilary’s duty to keep retailers informed about NRHA products and services and to help coordinate industry research projects. Additionally, Hilary is the voice behind NRHA’s and Hardware Retailing’s social media accounts. She appreciates a good book, spicy food, well-made horror films, craft beer and exploring new places near and far.