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Performance Insights You Can Use FEDA’s annual


benchmarking survey will show members


how their performance


stacks up against similar companies.


Sudden changes are rare in the economy, so it’s usually straightforward for a company to compare its year-over-year performance against the rest of the industry. But 2020 is no normal year. The quick emergence of the COVID-19 pandemic up-ended business models and sent strong-performing companies into survival mode seemingly overnight. In a year like 2020 when everything has turned upside-down,


is there any value to benchmarking? John Mackay, the founder of Benchmarking Analytics, believes there is indeed still much that companies can learn from reviewing their performance against the rest of the industry – including information that will help them make better decisions as they overcome the impact of the coronavirus.


By Tim O’Connor Managing Editor


14 FEDA News & Views


“The thing we know from the past – from the [Sept. 11 terrorist attacks] to the 2008 recession – is that some companies survive, maybe even thrive, better than others in all kinds of economic conditions,” he explains. “So when things go south, what do companies do to maintain profitability?” FEDA’s annual Financial Benchmarking Survey, which launched in July and is administered by Benchmarking Analytics, is designed to provide those insights. The association is furnishing two surveys this year, one for dealer members and one for manufacturer members, each seeking information that will create a picture of how respondents stack up against their peers. The surveys, which are offered at no cost to members, should typically take between 30 and 90 minutes to complete. As a convenience, Mackay says companies can complete the first 12 questions on the survey’s Excel sheet and then simply attach their income and balance statements when they submit the survey. Benchmarking Analytics will then complete the remaining information for them. The survey was sent out in mid-July and the deadline to return responses to Benchmarking Analytics is Aug. 15. Once a survey


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