Many members consider SMACNA’s Financial Survey Report an essential industry resource—to benchmark their company’s performance, analyze key metrics, and justify costs—to improve their profitability and cash flow.
It’s a simple fact that the more members that participate, the more powerful the data becomes. The data collection time for the Financial Survey is now, and members have until June 15 to fill out and submit their information.
If you participate, you will receive a complimentary copy of the survey report conducted by John Murdough, CPA, longtime instructor of SMACNA’s Financial Bootcamp, who is spearheading the project on behalf of his accounting firm Henry+Horne.
SMACNA members benefit from the Financial Survey Report in many ways. Some members who have used the report for years shared their insights on the clear paybacks it provides.
“The information is substantial and is a great source of reference to improve your company and better understand the current state of the industry,” said Todd Hill, president of Ventcon Inc. “I encourage everyone to participate, because the more information and companies involved, the better the report will be. It’s a great resource.”
Comparing company performance. “The report is a very important tool that I depend on,” said Russ Kimball, owner of Evergreen State Heat and Air Conditioning, who compares his firm with those in the same market and geographical area. “I use it to measure how I am doing versus industry norms. The data on residential companies and company size are the most critical.”
Ernest J. Menold, president of Ernest D. Menold Inc., agreed. “Members need to know that it is helpful in comparing their financial performance to the performance of other contractors, not only in their region, but in their type of work,” he said. “We find it very valuable to see where we are in comparison to our peers. It shows us that we are performing well. It lets us know where we stand.”
The report also provides third-party validation to facts and figures. “We use it to justify change orders and overhead percentages,” said Matthew D. Cramer, president, Dee Cramer Inc. “If a customer questions our percentages, I show them the Financial Survey Report. It’s not just me sharing a number; it’s the industry numbers.”
Survey data is kept confidential. Members who fill out the survey need not worry about sharing their financial information. The survey results are collected and compiled by John Murdough’s accounting firm Henry+Horne. No SMACNA member nor SMACNA staff will have access to company data.
SMACNA’s Financial Survey is available from the SMACNA homepage. Members may also send the survey link to their accountant, who can complete the form on their behalf. The deadline to submit surveys is June 15, 2018.
For more information, contact Bridgette Bienacker, SMACNA’s director of business management and membership, at (firstname.lastname@example.org / (703) 803-2987).