Ardent Group recently surveyed 134 small to medium sized companies throughout North America to determine the use of well-established business tools in operating a company. 63% reported having completed a strategic plan in the last 2 years. 42% have completed a customer survey and 48% have surveyed their employees in the last two years. 55% have a key metric dashboard. Of those firms with a dashboard, 89% share budgets, 88% share quoting volume, 92% share sales, 93% share revenue and 88% share margin. 71% of firms responding report having a bonus program. Of those with a bonus program 43% have a portion that is discretionary, 62% tie bonuses to individual performance and 67% tie bonuses to company performance. 63% of businesses report having a succession plan with 23% intending to sell to a third party and 41% intending to sell to an insider. 35% indicate a process is in place for business leaders to become owners.
If you have not participated in the survey, we encourage you to do so by clicking on the below link.