In the January 2021 Snapshot Survey, contractors share their experience with establishing and tracking KPIs to help you learn how to incorporate best practices into your business. Here's one survey question and its results from the summary report, which will be available in its entirety to EGIA members on 2/12/21.
Does your company track Key Performance Indicators (KPIs) to help you make informed decisions based on data?
Key Performance Indicators (KPIs) help you establish goals for your contracting company and measure your team's performance on the way to achieving those goals. They can also give you with a much clearer picture on how to improve performance, make informed decisions, and ensure your entire organization understands company goals. According to the contractors who took our survey, 73% of home services companies track KPIs to help them make informed decisions and 27% do not. In a follow-up question, 77% of contractors who said they track KPIs also said they utilize a KPI dashboard to visualize data.
Here's what an HVAC and plumbing contractor from Kentucky said in the survey:
“Our KPIs are our GPS. We look at them daily and even sometimes hourly to make sure we are still on course. If we get off track we can quickly make a U-Turn.”