How can you set and communicate KPIs for a restructuring project?

1 Define the scope and objectives of the project

The first step to set KPIs for a restructuring project is to define the scope and objectives of the project. What are the main reasons and goals for restructuring? What are the expected outcomes and benefits? How will the project affect the different stakeholders and functions of the business? These questions will help you to clarify the scope and objectives of the project and to align them with the vision and mission of the business.

2 Identify the key success factors and metrics

The next step is to identify the key success factors and metrics that will indicate whether the project is achieving its objectives and delivering value. These factors and metrics should be relevant, specific, measurable, achievable, realistic, and time-bound (SMART). For example, some common KPIs for a restructuring project are cost savings, revenue growth, customer satisfaction, employee engagement, productivity, quality, and innovation. You should also consider the baseline and target values for each metric, as well as the frequency and method of data collection and analysis.

3 Communicate the KPIs to the stakeholders

Once you have defined the KPIs for the project, you need to communicate them to the relevant stakeholders, such as the project team, the senior management, the employees, the customers, and the investors. Communication is essential to ensure that everyone understands the purpose, expectations, and responsibilities of the project and to foster trust and collaboration. You should use various channels and formats to communicate the KPIs, such as meetings, reports, dashboards, newsletters, and presentations. You should also explain how the KPIs will be used to monitor and evaluate the project performance and to make decisions and adjustments.

4 Review and update the KPIs regularly

The final step is to review and update the KPIs regularly throughout the project lifecycle. Restructuring is a dynamic and uncertain process that may require changes and adaptations along the way. Therefore, you should monitor the KPIs closely and compare them with the planned targets and benchmarks. You should also report and share the results and feedback with the stakeholders and celebrate the achievements and milestones. If there are any gaps or issues, you should identify the root causes and take corrective actions. You should also review the relevance and validity of the KPIs and modify them if necessary to reflect the changing conditions and needs of the project and the business.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?