A service level agreement (SLA), which is an important aspect of business consulting, is used often between a firm’s internal operations as well as its customers. It outlines what each party will need to achieve its goals, and provides a way for both parties to report on these goals and any issues that may arise.
SLAs protect both the end user and the service provider by establishing standards, targets and consequences for meeting or not meeting those expectations. They also allow for the creation of key performance indicators that can help a business identify areas that are not on track to meet its strategic objectives.
The SLA should include all services included in the contract, including details on turnaround time and any exclusions. The contract should also specify a list metrics that will be used by the service provider to measure their performance.
Metrics must be easy to collect and reflect only those factors that the service provider can reasonably control. They should also reflect a reasonable baseline to allow for refinement over time.
KPIs measure how a business performs in relation to the primary goals. It can help the company determine if it is going off course, a problem common to small businesses.
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