Fall 2023 Hardlines Strategies

OPERATIONS

3 Upgrades to Elevate Your Business Operational Excellence O ver the last several years, you have likely prevailed through some of your operation’s most significant challenges. From navigating public health concerns and supply chain issues to managing uncertain pricing changes or labor shortages, it seemed for a while that around every corner, there was some new operational roadblock to overcome.

At the same time, the independent home improvement channel has seen the most significant growth on record over the last several years. According to the 2022 Cost of Doing Business Study , published by the North American Hardware and Paint Association (NHPA), median sales for a typical hardware store in 2021 were up just about 1% over 2020, but the same metric in 2020 represented a

39% increase over 2019. It’s unlikely that the industry will see such a dramatic increase again, but the truth is that the industry isn’t the same as it was just a few years ago. Achieving record sales growth year-over-year isn’t feasible long-term, but you can make continual investments in your business to contribute to steady growth and ensure your operation’s longevity.

36 Fall 2023 • Hardlines Strategies