Barry Coyle made operational and financial benchmarking an annual practice for the FSN member companies when he first agreed to serve as the group’s executive director. Now, many years later and almost 4 years since Barry’s passing, benchmarking remains a core activity for Facilities Services Network.
FSN devoted the first day of its pre-NeoCon 2014 meeting in Chicago to reviewing and discussing the results of the 2013 operational performance and financial benchmarking. The session was facilitated by Carl Clappison*, a successful business advisor based in Ontario who now manages the FSN benchmarking process.
Benchmarking is a vital activity for FSN members because of its proven ability, through meaningful quantitative comparisons, to identify a company’s strengths and weaknesses and indicate paths for measurable improvement. Careful analysis of the benchmarking data enables owners to make the particular decisions and investments necessary to help their companies achieve higher levels of performance and a best-practices posture.
This year for the first time, Carl included in his presentation the aggregate numbers for some of the data points used in FSN benchmarking. The numbers were surprising. For example, in 2013, the 20 FSN member companies collectively:
- Grossed $178 million in sales
- Owned more than $50 million in assets
- Processed well over 62,000 work orders
- Worked more than 2 million man-hours
- Operated 1.6 million square feet of warehouse space
Participation in benchmarking is a requirement of FSN membership. Our business owners support the practice because it delivers high value to their respective companies and to the group as a whole. Independent contract furniture installation operators who are interested in the benefits of benchmarking are encouraged to contact Jared Manning, FSN president, and learn more about becoming a member of FSN.
*Formerly a chartered accountant with PriceWaterhouseCoopers, Carl Clappison operates a virtual CFO practice based in Waterloo, Ontario. His professional accreditations include Chartered Accountant (CA), Certified Professional Accountant (CPA), Chartered Business Valuator (CBV), Certified Financial Planner (CFP) and Accredited Mindshop Facilitator (AMSF). His website is getacfo.com.