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The report allows participants to compare business practices and performance standards of their company and that of other distribution firms in the industry. The results of benchmarking can help NBMDA members run their businesses more efficiently and profitably.
All distributor survey participants received the 2019 NBMDA Industry Benchmarking Dashboard, a customizable report delivered in Excel and based on actual distributor data that provides industry averages across a variety of metrics and includes text that explains what the results mean.
"Financial benchmarking not only serves as a performance metric, it magnifies small issues that could be improved upon or corrected before they snowball into big issues," said Kevin Gammonley, NBMDA Executive Director. "Participating distributors will better understand their strengths and weaknesses, as well as those of their competitors. Benchmarking is a powerful tool and NBMDA is thrilled to bring this exciting program to our members."
All distributor survey participants also received:
- How Financial Benchmarking Works - This resource assists distributors with how they can utilize this data to better manage their business and plan for the future.
- NBMDA Individual Company Benchmarking Dashboard - Distributors who submitted data received an individual report featuring their exact data to make benchmarking even easier, as well as a visual view of strengths and weaknesses compared to other distributors.
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It is extremely valuable to see how you measure up in this highly competitive industry," said Missy O'Daniel, President of Web-Don and NBMDA President. "All distributors should consider participating - they will be very pleased with this tool."
The Financial Benchmarking Report is only available to distributor survey participants. The 2020 NBMDA Financial Benchmarking Survey will open in April of next year. Learn more about this business tool and all NBMDA products and services a
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www.nbmda.org.
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