By Dan Huckabay, President, Commercial Surety Bond Agency

You’re probably familiar with the term, “Key Performance Indicator” (KPI), which are measurable results for your business that can be tracked on a regular basis to ensure the company is performing at the level you want it to.

If you don’t have any KPI’s in place or you think they could use an update, your surety agent can be a great resource for helping you with industry benchmarks given the number of contractors they work with.

The chart at right offeres a few examples that bond companies focus on and consider best practices, which can be a great starting point for contractors.

Financial Measurement

These are just a sample of the financial measurements that sureties look at, and we are happy to go over other examples that might fit your organization on a one-on-one basis. There are of course plenty of other non-financial operational measurements that can make great to add into your collection of KPI’s as well.

As the saying goes, what gets measured, gets done. Make Key Performance Indicators a part of your management tool kit, and you’re sure to see improvement in your business and your bonding capacity.