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Re-Evaluation: Part Two

Performance

As discussed in our previous segment, product re-evaluation is a necessary step for staying competitive within your given market. Once you’ve closely examined your company’s product(s), it is time to focus in on performance. 

The word “performance” wears many hats – it can pertain to company performance and/or employee performance. Re-evaluating both will give you a good idea of where you stand and where you will need to start making changes in order to improve your overall business structure. Read on below for tips on getting started:

Company Performance

Re-evaluating your company’s performance requires you to examine several different aspects of the business. To begin, research the following:

Financials
Analyze profits and losses, net revenue, and return on equity/assets to get a clear picture of where you stand. Incorporate your budget into the re-evaluation process. Did you stick to the roadmap you laid out for your business this year? 

Growth Projections vs. Actual Growth
Generally speaking, a successful company will see consistent growth. Where did you think your company would be at this point in time? Where do you stand now? Re-evaluating earlier projections versus real-time accomplishments will help you assess how far behind or ahead of the game you are. 

Competitor Results
Good results are only half the battle. If other companies within your same sector are consistently out-performing you, then something isn’t where it should be. On the other hand, if you are consistently ahead of the competition, then it is likely that you are meeting or exceeding your goals. Re-evaluation will give you a clearer picture of where you rank in relation to similar businesses.

Employee Performance

Re-evaluating employee performance has multiple benefits. It will assist you and your staff in determining what improvements need to be made, as well as the best way to go about implementing company-wide changes.
Weed Man recommends looking at the following criteria when measuring an employee’s performance:

Deliverables
When it comes to your team, who is meeting their deliverables and who isn’t? Your company can’t be at its best if key employees aren’t making their basic contributions. If items are falling through the cracks, be sure to correct any issues immediately by speaking to the employee at hand directly.

Attitude
Employees who possess a good attitude are often the most driven, enthusiastic and successful members of a given team. On the other hand, a bad attitude – even from just one employee – can be detrimental to the entire organization. Step back and re-evaluate the general attitude amongst members of your team. Are you setting yourself up for success or failure?

Growth
Have your employees grown within their roles? Part of your business’s ability to become or remain an industry leader results from the continuous betterment of your team. Annual performance reviews are a great way to measure an employee’s growth throughout his or her tenure.

Overall Performance
Are your employees living up to their potential? Keep in mind that your staff plays a direct role in the prospective success of your business. If your company’s performance is not where it should be, it is likely that some of your staff members are coming up short.

Measuring various components of your company will allow you to determine where changes need to be implemented, so that you can remain ahead of the curve. Help your business’s bottom line by incorporating re-evaluation into your 2014 company strategy. 
 
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