2022 Year in Review
2022 was an exceptional year for NBM in so many ways. We finished the year with double digit growth and set company sales records in both Q3 and Q4. December was the best revenue month in the history of our organization.
There are several factors that contributed to our outstanding results. Our sales and support teams overcame the challenges caused by the pandemic very quickly and we experienced very little turnover as compared to the rest of the industry since 2020. We decided in 2021 that we wanted to be aggressive in our hiring efforts and have increased the size of the sales staff by 25%.
Most of our competitors’ businesses were negatively impacted by supply chain issues. Chip shortages continue to hinder manufacturing resulting in ongoing backorders from several manufacturers. Sharp’s parent company manufactures its own chips so we had inventory available in most segments throughout the year. We also advanced our purchase orders by six months on three separate occasions to make sure that we had the inventory on hand to meet our customers’ needs. Some competitors were unable to provide parts and supplies for machines in the field causing extended downtime for machines already deployed.
According to most reports, our industry declined slightly in 2022 and page counts have not returned to 2019 levels. Several factors allowed us to achieve 14% sales growth for the year, including the stability of our sales team, product availability, and diversification of technology offerings including outsourced IT services which experienced double-digit growth. The small to mid-size business segment was strong in 2022 and that looks to continue over the next 12-24 months. Our goal is to be the go-to partner in New England for all front office technology solutions, including our core office equipment offerings, outsourced IT services, managed print services, interactive white boards, postage machines, and folding/inserting equipment.
NBM customer satisfaction was at an all-time high in late 2022. We received a perfect net promoter score from the customer feedback surveys we received in November and December. In addition, we earned several awards, including ENX Magazine once again selecting NBM as an Elite Dealer for 2022. We are the only New England based dealer in our category to be selected. We also achieved Hyakuman Kai Elite status with Sharp and ranked among the top 8 independent dealers in the country. Lastly, Massachusetts Lawyers’ Weekly readers voted NBM the #1 office technology dealer in 2022.
None of this would have been possible without our loyal customers and dedicated staff. To all of you, we would like to extend our most sincere thank you.
Happy New Year! Here’s to an even better 2023.