Do you ever wonder how your operation compares financially to other retailers across the country? Are you curious about the deciding factors that separate an average business from a high-profit operation? If these are questions you ask yourself as you manage your business, then get the answers by participating in the North American Retail Hardware Association’s (NRHA) annual Cost of Doing Business Study.
Now in its 102nd year, this study is an easy and confidential way for U.S.-based hardware stores, home centers and lumberyards to take a deeper dive into their financial standing in the industry. This year, NRHA is including independent paint and decorating operations in the data collection, too.
By participating in the study, you’ll strengthen a resource that independent operators use to compare their performance to industry averages and find new ways to grow profits.
How the Study Benefits You
Each year, thousands of retailers in the U.S. use the Cost of Doing Business Study to better understand their financial reality and position their businesses for success. It 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.
Information in Action
For more than a century, independent operators have counted on the Cost of Doing Business Study for valuable financial information to propel their businesses forward.
Peter Ballhaussen, owner of Town Hardware & General Store in Black Mountain, North Carolina, says he looks forward to the study’s financial information each year.
“The Cost of Doing Business Study assists with our planning process, specifically in setting future objectives. The data it provides shows us where we have done well and where we have room for improvement in relation to our peers. There is no other comprehensive source available that allows us to benchmark our performance,” he says.
There are many perks to participating in the study. NRHA offers the full report—valued at $499—for free to business operators who contribute to the study. You’ll also receive a free Personalized Financial Analysis with composite financial statements, ratios and a strategic profit model. It also includes a customizable what-if scenario generator to understand how small changes can make a big impact in your business.
Knowledge in Numbers
The Cost of Doing Business Study grows stronger when as many retailers as possible participate. There are five easy, completely confidential ways to contribute your financial information to the study and help retailers like you—and the entire industry—prosper.
- Complete the 2019 Cost of Doing Business Study form and upload your documents online at nrha.org/codb.
- Email your company information and 2018 year-end financial statements to firstname.lastname@example.org.
- Print and complete the survey and then mail it to: NRHA, Attn: CODB Coordinator, 136 N. Delaware St. #200, Indianapolis, IN 46204.
- Fill out the survey’s company information section and attach a copy of your 2018 year-end financial statements and mail to: NRHA, Attn: CODB Coordinator, 136 N. Delaware St. #200, Indianapolis, IN 46204.
- Fax your company information and financial documents to 317-275-9403.