With this scoreboard contractors must keep everyone focused on the most important objectives that will improve their score.
How do your scores compare against industry benchmarks?
Remember that for every "average" in a benchmark, there are best-in-class contractors performing at 2-3x.
3 MUST DO’s
- Delight Your Customers: You can formally measure this through a formal system like NPS (Net Promoter System) or just by measuring your repeat business. Few things are more profitable than doing negotiated work for a select group of customers who are growing.
- Make a Profit: Contracting is high-risk and must produce a good return. The changes coming up in the industry will demand major investments just to remain competitive. The capital for these comes from profitability.
- Generate Cash: Contracting is risky enough without providing free financing for the project owner. Do your processes and people consistently deliver projects with good cash flow?
3 SUPPORTING METRICS
- Sustainable Growth: If you aren’t growing you won’t attract or retain the best talent. If you are growing too fast or sporadically it will impact some or all of your other metrics.
- Safety: A truly great safety record can only be achieved with the right culture and that positively impacts every other metric.
- Succession at All Levels: Do you have a consistent pipeline of talent being recruiting and developed at all levels to support sustainable growth?