Measuring Customer Satisfaction - Net Promoter Score

One method of measuring customer satisfaction is the Net Promoter Score.

D. Brown Management Profile Picture
Share

The Net Promoter Score / System (NPS) is a simple but rigorous survey methodology. 

Scoreboard: On a scale of 0-10 would you recommend ABC Construction for your next project? What is the primary reason for your answer?

Regardless of how you measure it, customer satisfaction is critical for a contractor and must be top-of-mind for everyone when looking at their scoreboard.  

NPS starts with a couple of simple questions:

  1. On a scale of 0-10, would you recommend ABC Construction for your next project? 
     
  2. What is the primary reason for your answer?

The important part is the follow-up on the reasons cited in the second question for continuous improvement.

Turning this methodology into a regular system is what can really set contractors apart. We have seen some contractors who survey their customers each month throughout a project and are continuously improving each month. This ensures recurring work with satisfied customers.




Talent Funnel - The Macro Viewpoint
To better cope with some of the talent shortages that growing contractors are facing, it is important to look at talent through a similar lens as we would sales, putting them into a funnel and approximate timelines. We have to start with the big picture.
Cash Flow and the 5Cs of Credit - Collateral
The 4th of the 5Cs of Credit is how much and what type of collateral the contractor will put up as a guarantee. The collateral requirements change significantly as contractors grow.
Teams and Readiness for Growth and/or Succession
Whether you are focused on growing profitably or preparing for an ownership transition, the strength of your team and organizational structure is a major factor.