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Annual P&L Study 2020 - Best of the Best Awards

Annual P&L Study 2020: Best of the Best Awards

by Tim Quebedeaux

Raising the bar… In the 2019 P&L study the top line comparison was changed from the High Achievers and Best Practices Group to only the Best Practices Group.  We wanted to show a standard above what had been presented in the past.  Not only did this give everyone a higher standard to aim for, it gave those who were profitable, but wanted more, a chance to raise their own standards.

Well, 2020 blew that out of the water!  We had more than half of the reporting centers achieve Best Practices and a whopping 82% report above High Achievers status. Once again, the need to keep raising the bar arose thus, The Best of the Best Group was born.  In looking into this group, we will find out what it takes to capitalize on the opportunity in 2020.  What did the KPI’s tell us about how they realized the highest level of profitability (18% to 25%)?  As we crunch those numbers, we will compile a new report that allows those who reported to compare their performance to this group.  This will be available during The Fall Event 2021 in Wilmington, DE.

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Annual P&L Study 2020 - Best Practices

Annual P&L Study 2020 - Best Practices

by Tim Quebedeaux

Inventory turns, GMROII and the Best Practices Group all go together like rice and Gumbo!  You hit your goals for those first two, you are almost always in the last one.  The largest Best Practices group in the P&L Study history with 44 Garden Centers increased their Inventory Turns and GMROII, but was it what we thought it would be? We will visit this topic during The Fall Event 2021 in Wilmington!

 

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Annual P&L Study 2020 - High Achievers

Annual P&L Study 2020 - High Achievers

by Tim Quebedeaux

Today we will reveal who is in the High Achievers Group defined as attaining between 5% & 10% Adjusted Profit in 2020. A slightly smaller group this year, going from 18 to 16. They were able to navigate through all the challenges of last year to achieve an average of 8.3% profitability.

 

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Annual P&L Study 2020 - Best of the Best

Annual P&L Study 2020 - Best of the Best

by Tim Quebedeaux

The Best of the Best group from this year’s P&L Study really stood out.  Who are they… you will find out, but first what defines Best of the Best?  They are the top ten in profitability from those who filled out all 5 parts of the P&L Study.  They performed to the tune of 18-25% Profitability… WOW!

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Setting New Levels of Benchmarks

Setting New Levels of Benchmarks

by Danny Summers

The results are in from The Group's Annual P&L Study for 2020. And we all agree... the bar has certainly been raised!

I must admit when we first created the "Raising the Bar" theme for what was then to be our 2020 Fall Event, we had no idea how relative this theme would be in representing the year's total results.

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Measuring Up

Measuring Up

by Danny Summers

Will your Center measure up? We know your Center most likely had one of its best years ever in 2020, despite the operational challenges of the pandemic. I bet you served more customers and helped many new ones discover the joy of gardening and plants. But back to the original question...

How does your Center's performance in 2020 compare to all the others in The Group? We are about to find out as we see the results of The Group's Annual P&L Study for 2020. Steve Bailey and Tim Quebedeaux have been crunching all the numbers from reporting centers over the last 2 weeks and this Thursday will be the unveiling of the results from one of the most unusual years ever.

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Profit - It’s All About Change

Profit - It’s All About Change

by Steve Bailey

The Group's Annual P&L Study for 2018 resulted in the highest number of awards ever presented. During The Fall Event, awards were given for both the High Achievers and Best Practices Centers for profitability. The photo below are those centers who were present and received the High Achiever Awards for 2018.

All of you joined The Garden Center Group for a reason. Maybe it was for the camaraderie of networking with peers, possibly to work more closely with Service Providers within The Group, to access the financial tools such as the Weekly Department Review and P&L Study, or any of the other numerous reasons there are to be a part. Most likely the underlying reason was you needed Change and all of the above enables you to enact it.

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Revenues, Profit, and Bubbles

Revenues, Profit, and Bubbles

by Steve Bailey

As I recall, I was sitting on a plane in 2005 when I first saw it. If a light bulb has ever gone off for me, it was in that moment. My seatmate looked at me in a funny sort of way since he couldn’t understand my excitement while reading a USA Today.

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Building Our Team!

Building Our Team!

by Steve Bailey

I remember it like it was yesterday. It was in March 2001. I was trimming the boxwood in front of our house. Bonnie and I had just sold our garden center the month before, and I was still considering my options for employment over the next fifteen to twenty years. That’s when Bonnie came to the front door and said, “Robert is on the phone and wants to talk with you”.

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The Pulse of the Garden Center Industry – Part 2

The Pulse of the Garden Center Industry – Part 2

by Steve Bailey

Besides Revenues, what’s the most important ratio for a business selling a product? I’ll answer that one for you; it’s the COST of the product being sold.

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The Pulse of the Garden Center Industry

The Pulse of the Garden Center Industry

by Steve Bailey

You might think the title of this article is a bit of a stretch when describing The Group’s 2018 Profit & Loss Study. I don’t. There’s nothing in our industry that even approaches the depth of information reporting centers receive.

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The 2016 Profit & Loss Study – Revenues and Expenses

Revenues and Expenses by Steve Bailey

The basic function of any Profit & Loss Statement is to measure the performance of an entity, in the form of Profitable or not. But most P&L’s are not exactly like the one you find in The Group’s Profit & Loss Study. In most cases, the P&L your CPA or tax reporter gives you is geared toward tax reporting, and not business management. The Group’s Profit & Loss Study measures Operating Profitability, allowing a direct comparison to other garden centers in a like mode of operation and/or size. Better yet, it allows your center to compare your numbers with all of the centers that reported as well as the Best Practices/High Achiever group.

Let’s begin with the basic Profit & Loss section, which encompasses all of the incoming money in the form of Revenues and the expenses going out in the form of Cost of Goods Sold, Operating Expenses, and Wage & Wage Benefits.

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How Did They Do That - Details from the 2016 P&L Study

How Did They Do That? - Details from the 2016 P&L Study

by Danny Summers

As all of the Group Clients who participated in the Annual P&L Study for 2016 have received their own reports, Steve Bailey has shared some details for total Group results. One thing that stood out was Transaction Counts with the Best Practices/High Achievers (+4% when the Total Group was -1%).

So, under the heading of..."How Did They Do That?"... we have asked the question. You will be very interested in some of the answers they have shared.

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