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Discover 3 Benefits From the Cost of Doing Business Study

There are only days left to participate in the Cost of Doing Business Study, an annual financial benchmarking tool that delivers powerful data to independent home improvement center, hardware store and lumberyard operators. Each year, independent operators across the U.S. safely and securely submit their data to be a part of the study, revealing how operations of all sizes are succeeding in the market.

The final day to submit your operation’s financial data is July 31. By participating, you’ll strengthen your business in several ways, all while helping operators across the country learn more about the independent home improvement channel.

“It’s amazing to see the number of companies with multiple stores that have truly been successful and around for generations still participate in the study,” says Dave Gowan, vice president of finance and business services for the North American Retail Hardware Association. “They still want to benchmark their performance. They’re always questioning how they can get better.”

Discover three key benefits of participating in the 2020 Cost of Doing Business Study.

  1. Uncover the $100,000 Difference
    Each year, the study delivers insight into how hardware stores, home improvement centers and lumberyards can streamline their operations. The clear data from the study offers a direct path for retailers to follow to save money and strengthen sales.
  2. Set New Goals
    By participating, you get a free copy of the Cost of Doing Business Study. Along with those results comes a What-If Scenario tool. You can adjust your operation’s performance to see how minor changes in certain metrics can yield results across your business, allowing you to visualize how incremental changes can greatly impact your business.
  3. Discover Your KPIs
    Using aggregated financial data from income statements and balance sheets of independent hardware stores, home improvement centers and lumberyards, the study reveals key metrics for typical and high-profit operations, including GMROI, debt to equity, sales per customer and many more.

Take Part in the 2020 Cost of Doing Business Study

There’s still time to submit your operation’s financial data confidentially to the study and receive a free, personalized copy of the 2020 results in return. Visit nrha.org/codb now to learn more about how the study can power your business and the easy, secure ways you can submit your data to strengthen this year’s results.

About Todd Taber

Todd Taber
Todd is an assistant editor for Hardware Retailing magazine. He graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017 and now serves on the news and marketing teams. In his free time, he likes to run, spend time with family and travel the country.

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