Paul English, cofounder of Kayak, hated some of the performance reviews he was given as an employee. So when he became a boss, he decided to do something about it. It can be an exercise that sheds little light but creates a lot of anxiety and resentment for everyone involved.
Breaking down your strategic review Why it's vital to review the progress of your business It's easy to focus only on the day-to-day running of your business, especially in the early stages. But once you're up and running, it can pay dividends to think about longer-term and more strategic planning.
This is especially true as you take on more staff, create departments within the business, appoint managers or directors and become distanced from the everyday running of the business. Reviewing your progress will be particularly useful if you feel: Setting the direction A clear business strategy will help to answer any concerns and show practical ways forward.
Questions you might want to ask include: To answer this you need to look at where you are now, where you want to go over the next three to five years and how you intend to get there.
What are my markets - now and in the future? Which markets should I compete in, how will they change and what does the business need in order to be involved in these sectors?
How do I gain market advantage?
How can the business perform better than the competition in my chosen markets? What resources do I require to succeed? What skills, assets, finance, relationships, technical competence and facilities do I need to compete? Have these changed since I started?
What business environment am I competing in? What external factors may affect the business' ability to compete? How am I measuring success? Remember, measures of performance may change as your business matures.
It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective.
Assess your core activities A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide.
Ask yourself what makes them successful, how they could be improved and whether you could launch new or complementary products or services. Key questions about your products or services It's useful to address these questions: How effectively are you matching your goods and services to your customers' needs?
If you're not quite sure what those needs are, you could carry out further market or customer analysis. See the page in this guide on how to conduct a customer and market analysis. Which of your products and services are succeeding? Which aren't performing as planned? Decide which products and services offer both a high percentage of sales and high profit margins.
What's really behind the problems of a product or service?
Consider areas such as pricing, marketing, sales and after-sales service, design, packaging and systems during your review. Look for "quick wins" that give you the breathing space to make more fundamental improvements. Are you reviewing costs frequently? Are you keeping a close enough eye on your direct costs, your overheads and your assets?
Are there different ways of doing things or new materials you could use that would lower your costs?How To Answer Performance Review Questions – Like a Pro Estimated reading time: 6 mins Your Performance Appraisal is here, and you want to give it your best shot: here is a tried and tested way of answering appraisal questions that will get you the BEST result.
A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide. Ask yourself what makes them successful, how they could be improved and whether you could launch new or complementary products or services.
Employee Brief: Your Self-Assessment Supply tips on how to best document your performance to show the impact of your contributions over the past year Note: The Self-Assessment must be completed by the performance review and signatures, will be completed in the Performance Review session.
Core values define company culture, which is a big part of why they’re so important to driving performance. We can represent the relationship this way: core values → company culture → actions/performance. For any sales team, the primary objective is to predictably and consistently produce sales, within budget and in accordance with our forecasts.
A project that Mike recently worked on with a national financial services company shows that such targets help motivate core performers. At the company a major proportion of the salespeople fell. Oct 10, · In this Article: Article Summary Sample Performance Reviews Preparing For the Review Putting the Right Content in the Review Using the Right Tone in the Review Community Q&A Sometimes, a company will ask its employees to write their own performance reviews%(2).