Business & Investment

How To Review Your Business Performance Efficiently

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It is important to conduct performance review of your business. Most importantly, you have to review the performance of your employees. They are your valuable resource and you have to know which one of them work diligently and contribute highly to your business. It will also help you to determine the next plan to grow your business better and bigger. The problem is, performance review can be a very stressful process in business. Every business owners or managers might use different techniques to conduct this kind of review to get to know their employees better. You can also set or adjust particular technique that fits your work environment and value. 

Things to do to review your employee performance

Running your own business means there are many things to handle at one and it can be daunting. However, the bigger your business grow, the more employees you hire. It means you should conduct performance review to know their qualities and growth at work. How to make it less stressful to do?

Expectations

Setting expectation throughout the years can be a great way to have stressful performance review. You can schedule meeting quarterly. Then, you meet your employees to review their performance so far. If your employees are not really talking, you can get feedback from colleagues instead. Keep in mind that not all employees are comfortable or able to talk about themselves freely. Thus, some others are harder to review. That’s why you should set expectation throughout the years and talk to their colleagues to get the feedback you need for the review. 

employee reviews

Scheduled Review

Try a friendly-review where your employees are directly involved in the process. This is called collaborative effort. You can ask your employees to sit and talk about the business and how it has grown so far. You can make your own observation during the talk while letting your employees to be part of the success of the business. It is important to make your employees feel included into the business and its positive growth. It can motivate them to work better. 

Establish goals early on

You can also try to establish goals early so you can make performance review easier, more effective, as well as manageable. Establish goals in the beginning of the year. During that period, you can monitor your employees every few weeks to know their progress. This is great way to know how far or close they have been to the goal. Therefore, it can lessen the point of surprises at the end of the year. The result will be more predictable and controllable. 

Self-assesment

You can create your own way to do it efficiently an effectively. Instead of working yourself to the bone doing the review, you can give your employees performance book to note their successes for the year.  This is effective and more importantly fun both for you and your employees. They will be able to monitor and review themselves to know how far they have grown or what areas they should improve. At the end of the year, you can plan celebration and strategies to grow your business better together. 

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