Can your business afford under-performing staff?
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No doubt you already know that team’s performance makes a significant difference to the performance of your business.
It is a good idea to ensure your team are working to their best abilities. 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 it is highly likely that they are under-performing. The direct result of this is less profit.
Don’t under-estimate the power of completing regular performance reviews. This has massive benefits for your business. You will be surprised how things change when you give your people the chance to communicate with you.
How Is Your Team Performing?
What do they do when you leave the office?
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 one of the biggest expenses of any business. 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 use it in your business.
Use a Performance Review Template
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. If you treat them poorly, then this is highly likely to be reflected to your customers or clients.
Performance reviews allow you to ‘drill down’ to the detail and investigate the reasons why your team members behave the way they do. They will 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.
The last thing you need is your team treating your customers inappropriately. It makes perfect sense to look after your staff and communicate with them as much as you can.
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 huge advantages of regularly completing Performance Reviews with your team.
Here are 7 Advantages that are going to benefit you and your business immediately.
1. Instant, clear communication
The majority of issues in a business are due to communication breakdown. Improve this 1 aspect of any business and your profits will jump.
2. Finally have direction
No more aimless direction going around in circles. Your team members will now finally have a path to follow
3. Important feedback
Your team members will give you important feedback. This will allow you to make adjustments to your business – which could improve profits.
4. Find hidden problems
Your team that could be creating efficiency issues due to hidden disputes or personality clashes that you may not have been aware of. Reviewing every team member will allow you to find any hidden problems.
5. Feel more ‘valued’ and ‘worthwhile’
This should make them more loyal to your business. This prevents unnecessary rehiring of staff which is costly. Your team members will feel more ‘valued’ and ‘worthwhile’.
6. Establish goals
This should get them enthusiastic about achieving them. Ensure these goals are aligned with your business and you both win. Performance Reviews will allow your team members to establish goals.
7. Improved business all around
Every person within your organization will have clear goals, roles and job descriptions and you as a leader should be defining these principles in your business if you want it to be a success. Your business will operate much more efficiently and smoothly and your profits will improve.
Time Saver Template
Using a Performance Review Template will ensure you have the right level of detail to complete an effective performance review. Using a template will also save you a lot of time.
Take a look at the following performance review template.
Review the Contents
The following page is the title page which can easily be customized for your business.
The first page allows you to review your team members and discuss how their performance is going.
Additional Master Templates
Purchase the Performance Review Master Template and we include the Employment Contract Master Template and the Employee Code of Conduct Master Template free.
Use these tools in combination with the Performance Review Template to help guide your team in the right direction to meet expectations of your business.
Review some of the content below.
Free Employment Contract Master Template
Table of Contents
Below is the Table of Contents. This is a 19 page document.
This template is suitable for employing staff and is an essential document if you want to clearly define the rules in your business.
This Table of Contents is fully automated using Microsoft Word table of contents feature. It is really simple to update and modify to suit your business.
Free Employee Code of Conduct Master Template
Also included is the Employee Code of Conduct Master Template.
Table of Contents
Below is the Table of Contents. This is an 11 page document.
Microsoft Word .docx
Performance Review Master Template
Employment Contractual Agreement Master Template
Employee Code of Conduct Master Template
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Remember, your team will never perform the way you want them to if you don’t communicate effectively enough. Using Performance Reviews will achieve this efficiently for you.
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Submit your review
I employ 6 people and I always knew they were under-performing.
Getting a Performance Review Template and conducting reviews on a regular basis has made the difference I was looking for in my business.
Yes – I agree that it does improve your business profits! Thank you for the insight you gave me into this important aspect of my business.