The World Floor Covering Association is asking floor covering retailers to contribute their 2007 financial results for a report that will enable participants to compare information. In addition to traditional showroom retailers (including those involved in commercial and contract work) the WFCA is seeking input from installers, cleaners, and inspectors. The information provided will be reported only in aggregate totals and will not be disclosed individually.
D. Christopher Davis, president and CEo of the WFCA, said he was looking for a large number of responses. "The more participants that provide information the more accurate the report will be," he said. "Industry benchmarks provide targets to measure success and document improvement. They provide standards, assuming enough participants provide information for the benchmarks to have statistical accuracy."
Davis noted that the information collected in the report would have value for individual businesses as well. "It's not only valuable to track information on your own operation against industry standards, but if you ever want to expand your business, lenders demand this type of information in order to determine the viability of operations. If you are interested in selling your business, it will be held up against whatever industry benchmarks are available." he said. "Participants also have the opportunity to have an analysis done of their standalone operation which is helpful in measuring the success of their business, and making corrections and adjustments where appropriate."
To participate in this online study, contact Cammie Weitzel at the World Floor Covering Association, firstname.lastname@example.org, or call (800) 624-6880.
Benchmarking Tool: WFCA offers free 2008 report to participating retailers
April 24, 2008