National Bicycle Dealers Association Unveils P2 Plus Program to Boost Profitability for Retailers Grossing Over $5 Million in Annual Sales
The National Bicycle Dealers Association (NBDA) is proud to announce the launch of its groundbreaking program P2 Plus aimed at empowering bicycle retailers who gross more than $5 million in annual sales to further enhance their profitability. This initiative is part of NBDA’s ongoing commitment to supporting the growth and success of its member retailers across the country.
Launched in 2006, the NDBA Profitability Project (P2) is an NBDA initiative aimed at providing specialty bicycle retailers a collaborative resource to help them increase sales, profitability, and customer experience. Since its conception over 100 retailers have participated. Currently, 50 retailers from across North America participate in 4 diverse groups. P2 groups consist of a maximum number of 20 non-competing retailers who have monthly virtual meetings and biannual in person meetings to share, compare, network, examine, and analyze specific data from their businesses to help each other in operations and strategy. The P2 Profitability Project is the ultimate group experience for the specialty bicycle retailer.
“The P2 groups I’m participating in have been incredibly helpful. It’s helped us save almost $85,000 in net profit by analyzing operating expenses, increased our service sales by collaborating and learning from another dealer by staffing to meet historical demand at the moment, and provided comparative metrics to see where we’re winning or losing,” commented program member Greg McDonald of Ridley’s Cycle.
A key feature of the P2 Program is how the NBDA asks retailers to study their financial sheets and bring forth metrics for group comparison and analysis. These metrics are focused key performance indicators (KPIs) that drive profitability. The conversations are aimed at positioning all members in the program to run highly profitable businesses with the support of the NBDA moderators and peers.
The P2 Plus program is a new group with the P2 program, specifically designed to address the unique challenges faced by high-grossing bicycle retailers and offer them a peer group environment to work through solutions to increase their profitability even further. With the bicycle industry experiencing unprecedented changing market dynamics, the NBDA recognizes the need to provide specialized support to retailers operating at this scale.
“We are thrilled to introduce the P2 Plus program as part of our broader Profitability Project,” said Heather Mason, President of the NBDA. “The bicycle retail landscape is evolving rapidly, and our aim is to ensure that retailers grossing over $5 million in sales have access to the resources and strategies necessary to stay ahead and thrive in this competitive market.”
P2 Plus Program highlights include:
- Advanced Financial Analysis: Deep reviews into financials and reporting allow the group members to optimize cash flow, streamline operations, and identify potential areas for increased profitability.
- Strategic Support: NBDA provides expert guidance and pairs retailers up in accountability settings.
- Enhanced Training and Education: Access to P2 Supergroup events tailored to the needs of today’s retailers. Topics rotate, but include sales techniques, staff management, customer retention strategies, and best practices in the evolving bicycle industry.
- Networking and Collaboration Opportunities: P2 Plus participants have protected anonymity, but exclusive access to a dedicated group, facilitating networking and collaboration among fellow high-grossing retailers. This platform serves as a valuable resource for sharing insights, discussing challenges, and exploring new business opportunities.
“We are committed to delivering tangible value to our member retailers,” added Chad Pickard, NBDA P2 Co- Moderator. “The P2 Plus program aims to provide a competitive edge to those who have already achieved significant sales success, helping them navigate the complexities of the industry and maximize their profitability.”
The NBDA invites all bicycle retailers with annual sales exceeding $5 million to apply to join the P2 Plus program. Those interested in joining can begin the process by completing this application here. Following application, the NBDA P2 Program administrators will reach out and follow up with an interview for acceptance.
Retailers interested in joining the P2 Program can apply and learn more on the NBDA website.
