How to Build a Successful Restoration Scoring System
Attention restoration contractors! Do you know where your company stands when it comes to accomplishing your goals?
Download the Restoration Scorecard
We created a restoration-specific scoring system that can help you better evaluate how your business is doing. It’s a scorecard that’s broken down into seven categories. The scorecard derives from the EOS system (Entrepreneurial Operating System.) It’s a general system to help entrepreneurs reach their goals. We’ve used these concepts and adapted them to what would be relevant and appropriate for restorers.
The 7 Categories of the Scoring System
- Scalability – We created a restoration-specific scoring system that can help you better evaluate how your business is doing. It’s a scorecard that’s broken down into seven categories. The scorecard derives from the EOS system (Entrepreneurial Operating System.) It’s a general system to help entrepreneurs reach their goals. We’ve used these concepts and adapted them to what would be relevant and appropriate for restorers.
- Unity – Establishing a list of core values can help you learn whether the team you have is committed to your company’s mission and whether their values align with yours. It’s a great structure to have because when you start hiring new employees. It’s easier to determine if an employee is a good fit for your business once you have a baseline of what you’re looking for within your company. This eliminates high turnover and allows employees to enjoy and believe in their company.
- Coachability – It’s your team’s ability to be trained, and having your leadership team effectively coach staff is fundamental in helping propel your business to success. In order to actually “build” a business, you must help “build” the people within it to help take the company’s mission to the finish line.
- Clairvoyance – It can be challenging to envision yourself a couple of years into the future when sometimes you don’t know what you’re doing today or tomorrow. In all of these categories, one concept remains consistent: Make sure everyone is on the same page. This also applies to this category; the goal is to have everyone on your team visualize what the “end game” looks like. Sure, no one has a crystal glass that can predict the future. But working towards a goal helps everyone on the team stay motivated.
- Durability – A successful company should be able to overcome challenges that come its way. Having some financial net can help you get back on your feet whenever you face these setbacks. It’s ensuring you have a plan B in case plan A doesn’t work out.
- Visibility – The ability to be transparent with everyone in your team and let them know what’s happening within the company. The best way to keep team members engaged is to ensure every department is in charge of a “key performance indicator,” known as KPI. It’s the best way to hold each team member accountable for their day-to-day actions. The best way to keep track of this is by ensuring each person on your team is responsible for their KPI (Key performance indicator). It gives each team member an idea of what they should be accountable for daily. It also allows departments to take the time to evaluate each team member’s performance weekly. By generating a scoring system, you can monitor their progress.
- Profitability – The ability to make the company money. It may or may not come as a shock to you, but several restoration companies currently operate without a system to help monitor their revenue. Restorers should realize the importance of taking this action now because it can take a direct hit on your bottom line over time. If you haven’t done so already, it’s important to have a target for your profitability. This essentially works like a domino effect. If you have this part down, you can better keep track of your accounts payable and budgeting processes.