Hardware Retailing

OCT 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://hardwareretailing.epubxp.com/i/877991

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Page 18 of 120

HARDWARE RETAILING | October 2017 14 NRHA News Evaluate Your Business With NRHA Retailers Profit From Management Course W hen was the last time you inspected the financial health of your business and how you compare to the average home improvement retailer? NRHA has recently released the 100th annual Cost of Doing Business Study to help retailers evaluate their businesses and make informed decisions for their operations. For this annual benchmarking study, NRHA compiles data from approximately 1,000 American independent home improvement companies. For information on how to obtain a copy of the study, visit TheRedT.com/2017-codb. The graphic to the right shows the average sales per customer at a typical versus high-profit hardware store. How does your business measure up? The study provides further details on this metric and many others. In addition to the study, NRHA has created additional resources to help you further evaluate your business and educate your staff on areas including increasing average transaction size, payroll and gross margin return on investment (GMROI). Those resources are available at TheRedT.com/codb-resources. R etailers from independent home improvement businesses across the country met in Indianapolis on Aug. 10 to attend their third and final course sessions of the NRHA Retail Management Certification Program (RMCP) and to present their final business improvement projects. RMCP is a six-month, college-level course that helps high-potential employees develop their leadership and management abilities. The program culminates with each student presenting a project designed to help make their operation more effective and profitable. "Even after the first visit, we saw dollars being added to our bottom line," says Deanna Muller, owner of Muller True Value in Ferdinand, Indiana. Muller's son, Cody, was one of the program's newest graduates. "That doesn't happen with every training program you send your employees to." Adam Barden, owner of Vassar True Value in Vassar, Michigan, also appreciated the program for its innovative coursework and the connections that grew between students. "If you want to grow and make your business more relevant, RMCP is a huge value," he says. "It's a great decision. Our group meshed really well, and we made connections from the very first visit." To learn more, contact Tom Marcum at tmarcum@nrha.org or 317-275-9430 or visit nrharmcp.com. Median Sales Per Customer $15 2012 2013 2014 2015 2016 $20 $30 Typical High-Profit $25 $18 $19 $20 $21 $20 $21 $22 $22 $30 $23 Victor Lugardo, RMCP graduate from JC Licht in Chicago, presents his final project at NRHA's Indianapolis headquarters. Source: 2017 Cost of Doing Business Study, North American Retail Hardware Association

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