CEDIA View: Take Advantage of All CEDIA Membership Has to Offer
Coming off of CEDIA EXPO last month you may be aware of some of the CEDIA Member benefits that are available, such as discounts on training, complementary business webinars, and affinity benefits like insurance and credit card processing.
A recent addition to the suite of CEDIA Member benefits is access to condensed versions of the Annual CEDIA Benchmarking reports. CEDIA believes it is crucial that industry company owners have access to industry benchmarks and research to help guide strong business decisions. CEDIA has already released a few key findings from this year’s report:
• 2012 survey participants expected a revenue increase from 2011 of 12%. 2013 participants reported an actual increase of 10% and an expected increase in 2013 of 18%.
• Median number of employees stayed flat from 2010, 2011, and 2012 at 6 employees per company (full and part-time), while revenue per employee rose from $135,000 in 2011 to $145,950 in 2012. However, participants indicate that they will increase their staff by 14% in 2013.
• In 2012, there was a stronger commitment to operational efficiencies with 80% of participants reporting that they focused on standardizing operational practices in 2012 for increased profitability, the most applied tactic out of the 10 presented.
• Of the participants offering recurring monthly revenue services, the percentage of companies offering remote network monitoring and diagnostic services is continuing on a strong positive trend - 16% in 2011 to 32% in 2012 to 41% in 2013.
Though these stats may help paint an overall view of the industry the member reports can help you dig into the topics a little deeper. Two member reports are available, one on Finance, Project Management & Marketing and another report on Staffing, Benefits & Compensation. So even if you didn’t participate in the CEDIA Benchmarking Survey you can get your hands on some useful data.
“For me, the CEDIA Benchmarking Survey is a check-and-balance to make sure I’m doing the right things, said Ryan Herd, CEO of One Sound Choice in Pompton Plains, N.J. “For example, I just hired new people and I wanted to make sure I was paying them fairly. I went to the Benchmarking Survey report to see what other companies are paying across the board in other areas.”
Are you curious about how many how many home technology professionals have a retail store front, or if most companies are involved on social media? The answers can be found in the report!