It Pays to Use QFloors, Literally
This past month we had a very successful and informative Users Conference. I want to thank everyone who participated. In planning this conference, we determined we wanted to really "up" the value of the accounting/financial content in comparison to previous conferences. We wanted to make it more valuable, useful, and informative for our customers who would attend. Previous conferences were focused on teaching the necessary steps to produce accurate financial statements. Since most of our customers are now producing accurate monthly/quarterly financials, this year we wanted to take the next step, which is using those numbers to analyze different aspects of their business, in order to make good management decisions.
With this in mind we thought it would be helpful to be able to measure a store’s financial results against the industry. So, we acquired a comprehensive report that compiled over 8,000 tax returns in the Floor Covering Dealer industry. It included individual account information as well as ratios and percentages. Then we compared each QFloors customer’s data against the industry averages. Each customer could see where they were doing well, but more importantly, they could see where they needed to improve. It was insightful and valuable for each company.
These reports had an added benefit for us at QFloors. We compiled the data from all of the participating QFloors users to compare the average QFloors user against those same industry averages.
We found that the average QFloors user earns 5.63% in EBITDA (profit) compared with 3.03% average across the industry. When you apply this 2.6% difference to a $1M business, it comes to $26,000/ per year. A $5M business would recognize $130,000 more per year as a QFloors user on average.
In short, the research proves what customers have already told us.
It pays to use QFloors. And it pays much more than the cost of the software.
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