The Association received its 30-page, data-rich document Friday. Companies will get the same report plus a specific report card that shows how you compare to other companies with comparable sales volumes.

Among findings: Profit leaders who took the survey—companies whose return on assets was in the top 50 percent—gained their edge by better controlling operating expenses. Cost control more significantly influenced the bottom line than gross profits.

Participants will see a breakdown of those findings as well as comparison data on turnover rate, for example, cost of direct labor as a percent of net sales, net sales growth last year, changes in health care costs, your preferred sales channels (OEM, direct to dealer, wholesaler, etc.), and salaries in key positions.

This is the third year the Association has offered this service to regular
members.

You will receive an email today (Tuesday) from mchaffin@industryinsights.com. That’s Matt Chaffin, who is the Association’s designated third-party representative conducting this confidential survey for members.

The new deadline is June 9. Participants will receive their report cards and industry data in early July.

The Association has made significant investment in this survey because members told us they value the information. And, the more companies that participate, the richer the data becomes.

Please take a moment to complete the survey, and remember, you can submit documents directly to Industry Insights to save yourself time. The CPAs who review them will shred them.

Results offer participants insight into plant profitability, productivity, and financial management. You will receive a customized company report and an industry-wide report.

Get answers to your questions from Chaffin at (614) 389-2100, or contact Kristi at the Association at (314) 878-2304 or Kristi@FarmEquip.org.

Industry Insights is the third-party firm collecting and analyzing the data.

Participating member companies will receive a report next month offering insights into plant profitability, productivity, and financial management. No one connected to the Association sees your survey or company report.

If you have questions about this membership benefit, contact Kristi Ruggles at the Association at (314) 878-2304. Matt Chaffin with Industry Insights will field survey questions. Get in touch with him at (614) 389-2100 or mchaffin@industryinsights.com.

The email subject line was “Farm Equip Mfg Assn (FEMA) Benchmark Survey Invitation.” The sender’s email: mchaffin@industryinsights.com.

This confidential survey is a benefit of membership that offers respondents insights into plant profitability, productivity, and financial management.

The information you provide about your company goes directly to Industry Insights, where it is processed—then shredded—by CPAs. No one affiliated with the Association has access to company information.

Researchers will return to participants two reports: a customized company report and an industry-wide report.

In the company report, members will receive a one-page summary that breaks out 17 key criteria such as net profit margin, payroll as a percent of net sales, and cash cycle. The report characterizes your performance in broad terms—weak, strong, fair, or good. There’s also a deep dive into the data that gives companies information that compares their operations to participating companies of similar size.

“This data can point to opportunities to save money and improve productivity,” said Executive Vice President Vernon Schmidt. “It is a tool with the very real potential to improve your bottom line.”

Results will not be available to member companies that do not participate.

Members have the option to submit financial documents to the CPAs at Industry Insights to save time. You can learn more by reading the instructions from the firm, or get in touch with Chaffin. Call Industry Insights at (614) 389-2100.

The deadline to complete the survey is April 17. Industry Insights anticipates releasing results on May 31.