Why Performance Reviews Are Important for Small Businesses

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Why Performance Reviews Are Important for Small Businesses

I am adamant about making time for monthly performance reviews for my business. As small business owners and entrepreneurs, our time is precious. We are responsible for so many aspects of our business it can be challenging to stay on top of it all.

We are very protective of our time and selective about anything new that demands a sliver of it. This is good! I have completed performance reviews for years and as an entrepreneur, I have made it a monthly habit. I schedule it into my calendar as an appointment and make it a priority.

Why I Choose To Make Time For Reviews

  • It allows me to assess gaps in my business.  
    • How can I make the process easier for my clients or myself?
    • Why am I not getting the results I want and what can I do differently?
  • It allows me to plan ahead instead of being reactionary.  
    • Amy I in alignment with my vision and the direction of my business? It is easy to get caught up in the “newest opportunities” and let them derail you when you do not have a plan to guide you.
    • With a plan, I can get things done in advance or move things around to accommodate for unexpected life occurrences. It allows me to be the driver of my business instead of the passenger.

Many times we look for external solutions such as a new website, rebranding, advertising, etc. These are valid when they can be justified with research and data. However, many times the answer to our business challenges is right in front of us and requires us to work harder and smarter. When we look internally (performance reviews) it allows us to make smarter choices that save us money and time.

Business Health Check-Up

I realize performance reviews may seem tedious and boring because they require us to be still and reflective. I believe this is even more challenging when we have a million things demanding our attention including all the red notification bubbles on your phone or desktop.

Performance reviews require us to be committed to personal and professional development. Similar to making time for the gym or a health physical we can always find a million other things to do with our time. However, we go because we know we have to take care of ourselves in order to best serve our family, clients, and team. Monthly business check-ups are just as critical so we can perform at our best.

The reviews create a baseline of our performance. Yes, you may know a lot of the answers in your head, but without writing them down it is difficult to track your progress and make strategic decisions to refine your business. If we are not measuring our progress each month then we are spinning our wheels doing the same thing over and over again.

In order to move forward, we have to set specific and detailed goals so we know whether we exceeded, met, or fell short of our goal. Knowing where we stand allows us to make smarter choices on our next course of action. We apply the same process to our fitness and finances, why not our business?

Stronger Relationships

Completing the performance reviews allows our members to have intentional discussions at Masterminds. The same applies for discussing performance with your team members. Performance reviews allow us to talk about the real challenges we need help with instead of the last minute shallow “fill-in-the-blank because I have to show up and participate”. A shallow request does not help you in your business nor does it allow others to help you well. It is difficult to connect with others and for them to feel valued as part of the conversation when we do not give them an opportunity to help and contribute. We have all been in those conversations before and felt similarly.

I am passionate about the monthly performance reviews because I know the impact they have on your business when completed intentionally and thoroughly. I know you are capable of excellence in your business and am holding you accountable!

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