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Principals David Solomon and Paul Holland Emphasize Importance of Benchmarking in Order to Better Plan for 2021 and 2022

Solomon Coyle is encouraging dealerships to participate in its annual Financial Benchmarking survey, which begins Monday, January 11, 2021 and will remain open through Monday, April 5, 2021.

As dealers across north America seek to recalibrate their business planning and budgets, many struggle to know where to focus and how they stack up next to their peers. Financial benchmarking has always been a crucial method for helping dealers stay on course and identify strengths and weakness; however, the current economic climate has given it renewed importance.

“During times of significant change, it’s important to benchmark so you understand how your business is performing compared to others. Having a full view of what has occurred within the business will allow principals to make better planning decisions for 2021 and 2022,” says Managing Principal David Solomon.

Principal Paul Holland echoes that sentiment, adding, “It’s hard to look at the numbers in a down year, but we encourage dealers not to hesitate. The resulting data will help your organization identify any red flags and help you see differences between your internal performance and that of high performing dealer organizations beyond the constraints of the current economy.”

The Financial Benchmarking survey includes the participation of Allsteel, Haworth, Herman Miller, Knoll, Kimball, Steelcase and Teknion aligned dealers. Participating dealers who complete the survey will have access to the report which is expected to be published in the first half of May 2021.

Solomon Coyle will be conducting instructional webinars the weeks of January 18th and the 25th, to guide new participants through the survey and act as a refresher for previous participants. Announcements with available dates and times for each manufacturer network will be sent to dealers via email.

To learn more about Solomon Coyle’s research, or to discuss financial benchmarking for your company, visit Research | Solomon Coyle or contact David Solomon at dsolomon@solomoncoyle.com.