3 Reasons Why You Should Participate in the Cost of Doing Business Study

The deadline for the North American Hardware and Paint Association (NHPA)’s 2021 Cost of Doing Business Study has been extended to July 15. The study is the only inclusive industry benchmarking study—giving you a complete analysis of how your business performed against other independent home improvement and paint operations in 2020.

Each year, this financial benchmarking tool delivers data and insights that allow retailers to increase profits and strategize for their financial future and success. It’s free, easy and completely confidential to participate.

Here are three reasons why you should submit your information to the Cost of Doing Business Study.

1. You’ll receive a free copy of the study’s results ($499 value).
   For your participation in the study, you’ll receive a free copy of the 2021 study along with a personalized financial analysis of your company’s financial results compared to industry averages.
2. Participating in the Cost of Doing Business Study can help you benchmark your business.
   Your personalized financial analysis includes composite financial statements, your ratios, what-if scenarios and a strategic profit model. The what-if scenario generator can help you calculate how small changes make a big impact. Identify new financial opportunities for your business by using the study’s financial metrics to:
   – Determine ways to reduce costs and increase profits.
   – Identify ways to improve average transaction size and reduce payroll dollars.
   – Evaluate gross margin return on investment.
3. Your submission helps other retailers like you.
   As independent retailers, we are stronger together, and the Cost of Doing Business Study is no exception. The more retailers who participate, the stronger the study results.

Visit YourNHPA.org/codb for more information or to get started.

How to Submit Your Information to the Cost of Doing Business Study

Choose from one of four easy ways to participate. Please note that individual financial data is held in strict confidentiality, and financial and operational data will only be published in aggregate.

1. Complete the Cost of Doing Business Study online survey.

2. Email your company information and 2020 year-end financial statements to NHPA chief financial officer David Gowan at dgowan@yournhpa.org.

3. Fill out the company information section of the survey and attach a copy of your 2020 year-end financial statements and mail them to NHPA.

4. Complete and mail or email the entire survey.