Staying in the Green With CEDIA As a business owner maybe you can relate when it comes to staying in the green; it’s not easy.By Olivia Sellke Published: May 9, 2016 ⋅ Updated: April 15, 2019 Kermit the Frog once sang about the trials of being green. As a business owner maybe you can relate when it comes to staying in the green; it’s not easy. Perhaps tax season was an awakening for you; it sure seemed like you should have had stronger profits. But tracking that line can be illusive if you don’t know what you’re looking for. There are so many big and little things that can play into your bottom line. • Was inventory properly managed? • How was employee productivity tracking? • Were you charging appropriately for design fees? The sad truth in this industry is that many companies go through managing their business somewhat blind. Most integrators wouldn’t go into a project without a highly detailed plan, but the same just does not ring true for businesses. In fact, the 2015 CEDIA Benchmarking Survey found less than half of home technology companies had a current written business plan or strategic plan. CEDIA members can receive their customized financial action plan at no cost. Let me say that one more time for emphasis and look at the chart if you don’t believe me: LESS THAN HALF of HTP companies have a current written business plan or strategic plan! Hard to believe, right? That’s not to say I don’t understand. Creating a strategic plan can be intimidating, and perhaps an even harder part for most small business owners is finding the time to really dig into the business. After all, there are projects to manage, accounts payable to track, and the thought of needing to close the next project. If taking a few days to hammer out a strategic plan is not realistic, how about taking 30 minutes? Thirty minutes is about the amount of time it would take you to submit your information to receive a customized Profit Action Plan from CEDIA. Your Profit Action Plan will compare your company against the industry median, companies of similar size, and the most profitable companies. Each plan also includes detailed perspectives and suggestions on a variety of key business pain points such as inventory management, controlling expenses, generating revenue, and much more! This may seem too good to be true. Certainly a report like this is expensive, right? While it is true that reports like this cost an average of $2,500, fortunately, CEDIA members can receive their customized report at no cost. The key to saving time on the submission process is sending your financial statements (income statement and balance sheet) to CEDIA’s confidential project vendor. After you do that, you’ll only have a handful of operations questions to answer. Rest assured CEDIA’s confidential project vendor, Profit Planning Group, will conduct all facets of this project. CEDIA staff and leadership will never have access to a company’s information at any time. So what are you waiting for? The time has come to stop “singing” about the perils of staying in the green and do something that will help you identify areas that may be affecting your “green.” CEDIA members can start filling out their Profit Action Plan right now at www.cedia.net/profit-plan. Questions about this project can be sent to [email protected]. SubscribeFor more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to our newsletter here.