As Naples contractor lawyers, we understand the best construction practices because our attorneys have a background in the industry. One way to implement the best practices is to start with key performance indicators (KPI). Often perceived as antiquated, this process can be an effective way of creating the right goals and incorporating the right business plans into the day-to-day tasks of your company.
As we discussed last section, this process begins with communication on all levels of your business. As we will discuss in this section and the next section, you must create benchmarks that specifically define your KPIs in order to reach these milestones. In the fourth section, we will conclude our series with some final thoughts on KPIs and the construction industry. Keep in mind that our Naples contractor attorneys are here to offer your construction business any legal counsel you may need.
Creating a successful strategy to be implemented on all levels of a business starts at the top with identifying the benchmark goals of your company. Specifically, the company objective should include how you aim to accomplish this feat and realistically reach this milestone. Determining this objective should be a communal effort that involves many of the key employees within your company. This process will not only help you identify the primary interests of your company, it will also help you understand how to best implement KPIs into this process and which employees within your company should be at the forefront of creating and orchestrating these practices.
Defining KPIs in the corporate overview context is a great starting point; however, the true challenge is incorporating these strategies seamlessly on all levels of a company. This can be accomplished in five steps.
- Be precise about the objective. What is the overall goal of this project?
- Incorporate a way to verify measurable results for this objective. How can you keep track of your progress while completing this task?
- Consider whether or not this is an attainable goal. Do you have the resources to accomplish this task?
- Analyze if the objective is applicable to your company and your benchmark goals. Does it fit with the overall vision of your company?
- Set a target date or deadline to complete this assignment. When will this objective be finalized?
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.