Can you afford to miss out on profit because your team is under-performing?
Annual Performance Review Template
Dear Business Owner,
No doubt you already know that team’s performance makes a significant difference to the performance of your business. You must ensure your team are working to their best abilities and the only way to do this is to review their performance on a regular basis.
A performance review will highlight the areas where they excel and the areas they need to work on. If you are not reviewing your team on a regular basis, the truth is it is highly likely that they are under-performing and the direct result of this is less profit.
Don’t under-estimate the power of completing regular performance reviews with your team. This has massive benefits for your business and you will be surprised how things change when you give your people the chance to communicate with you.
How is Your Team Performing?
Are they billing enough even to cover their wage? Do you even know?
If you cannot answer these questions, then you should be concerned. Staff wages are the biggest expense of any business and if your staff are under performing why are you employing them?
You need to know how they are performing and if they are actually costing you money or making you money. The only way to do this is to review their performance on a regular basis.
The best thing you can do is get hold of a performance review template and implement it in your business.
Why Performance Reviews are Good
Communication is the most important factor when running a business. You already know that if you don’t communicate well with your customers they are likely to look elsewhere.
Why should it be any different for your staff? Your staff are an important piece of the business puzzle, and if you treat them poorly, then this is highly likely to be reflected to your customers and clients.
“The last thing you need is your team treating your customers inappropriately, so it makes perfect sense to look after your staff and communicate with them as much as you can.”
Performance reviews allow you to ‘drill down’ to the detail and investigate the reasons why your team members behave the way they do and also allow you to find out more about each individual team member.
Team members are just that – individuals – so you cannot treat them all the same as it simply will not work. A good Manager realizes this and adapts his or her approach to each individual differently.
7 Advantages of Performance Reviews in Your Business
Regular performance reviews will not only improve your team’s performance, it will also improve the bottom line of the business.
There are many advantages of regularly completing Performance Reviews with your team. Here are 7 Advantages that are going to benefit you and your business immediately.
1. Instantly, your communication becomes clearer
The majority of issues in a business are due to communication breakdown. Improve this one aspect of any business and your profits will jump.
2. Your team members will now finally have a path to follow
No more aimless direction going around in circles.
3. Your team members will give you important feedback
This will allow you to make adjustments to your business, which could improve profits.
4. Reviewing every team member will allow you to find any hidden problems
Your team could be creating efficiency issues due to hidden disputes or personality clashes that you may not have been aware of.
5. Your team members will feel more ‘valued’ and ‘worthwhile’
Your employees will be more loyal to your business. This prevents unnecessary re-hiring of staff which is costly.
6. Performance reviews will allow your team members to establish goals
Goals will get them enthusiastic about achieving them. Ensure goals are aligned with your business and you both win.
7. Your business will operate much more efficiently and smoothly
Further to this your profits will improve because every person within your organization will have clear goals, roles and job descriptions. You as a leader should be defining these principles in your business if you want it to be a success.
Take a Look at the Contents
Check out the some of the pages below.
Easy, Quick, Efficient…..Done
Our templates are easy to use and apply. Use MS Word to find and select the information that needs changing to customize it to your business needs.
To assist you in customizing the template quickly and easily, all items that need changing to suit your business are highlighted in red. You can use the Find and Select tool in MS Word (Ctrl+H) to identify all relevant items in one hit and replace instantly.
What is Included?
MS Word .docx
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