Indianapolis, IN–Analysts predict that the electronic systems industry will top $22 billion a year by 2012, but marketplace competition and operations costs are also increasing. CEDIA is offering the participants in its Benchmarking Survey a significant advantage over competitors by arming them with the best practices of some of the most successful operations in the industry.
CEDIA reports that it had a 37 percent increase in member participation in the Benchmarking Survey this year, which, CEDIA officials explained, decreases the margins for error and solidifies the results as viable growth indicators.
The CEDIA Benchmarking Survey included questions in the areas of compensation, financial ratios, sales performance, profit margins, strategic planning, marketing and much more. According to CEDIA, the data represented in the survey results is an important resource that members can use to make management decisions in pursuit of their missions.
Our biannual benchmarking survey allows member companies to gauge themselves against the industry, said Ray Lepper, benchmarking survey chairman. One key result showed the overall average cost to build a showroom is just under $150,000, and this information offers our members a foundation to enhance financial performance and benchmark financial data.
Some key findings of the survey revealed that 85 percent of respondents, regardless of business size, used a fixed contract type as opposed to time and materials. The survey also showed that revenues for companies with a written strategic plan are 24 percent higher than those without. And more significantly, profitability is 34 percent higher in companies with a written strategic plan versus those without a plan.
All CEDIA members in the United States and Canada had the option to participate in the survey. Only those members who participated in the survey received the report. The 2008 survey will be available April 7-May 16. It will be sent out to all CEDIA members in the United States and Canada via email and also be available online in the Members Only section atwww.cedia.org. Questions about the survey may be directed to Erica Shonkwiler at 317.328.4336 or [email protected].