With 2020’s pandemic, you had to create new strategies to help your customers and, quite frankly, to remain a viable, essential business.
As a result, NAED is asking distributor-members one question right now: “Have you PAR-ed today?” The deadline to fill out your PAR report is quickly approaching (April 16). Every company that fills out a report will receive a free Industry Overview Report, which is valued at $499.
“PAR is not just a scorecard to see if you are better than the other guys,” Mark McGready, NAED’s independent Data Insights Advisor recently said on a “DistributED with tED magazine” podcast. “PAR is a disciple to understand how to measure a business. If you are running a business, and the only information you have is your own information sources, you are a guy doing his own medical examination. You will just get up in the morning, look in the mirror, and say ‘I look great’. You need to compare yourself to your peers, and then you will get a good understanding of if you are in a good place or you are not where you should be.”
The results of last year’s NAED PAR Report survey provided electrical distributors with updated financial performance information on operations, assets, and sales. Last year’s report revealed:
- Sales growth slowed in 2019 to 2.5%, a decrease from 5% in 2018
- Warehouse sales make up 51.3% of total sales
- Profit margin before tax was 3.6%
And this year, NAED is adding a Warehouse Operations feature, which provides important benchmarks to distributors on a range of areas including order completions, safety, delivery, and mileage information.
So, have you PAR-ed today?
If you need help, you can get more information about the program by reaching out to NAED’s Member Engagement Team at memberengagement@naed.org, call 888.791.2512, or utilize NAED’s Live Chat option.
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