One of the best practices successful Westchester business owners have in common is the regular performance review. Examining every aspect of your performance over a short period of time allows you to identify what’s working well and what needs improvement, making it much easier to grow your small business. If you haven’t done so already, now is a good time to review the first quarter performance of your Westchester business.
Your SCORE Westchester small business mentor can be a great resource in this process. Looking at sales numbers, expense reports, and other data regularly provides a very accurate picture of what’s really going on in your business. It’s so easy to get caught up your day to day routine and lose sight of what type of business you’re actually doing. By looking at the data, you can know with confidence what types of merchandise you sell the most of, for example, or which of your service offerings are the most popular.
Regular reviews also make it easier to assess the effectiveness of your marketing campaigns. Look at your sales numbers and the promotions you were running at the time. Can you see a relationship? If you were heavily promoting teapots, for example, and didn’t see a corresponding rise in the sale of teapots, there’s a problem that needs researching and resolution.
Quarterly reviews also are a good time to consider employee performance. How well are your people performing for you? If they’re doing a good job, let them know. Simple recognition is a powerful management tool and hardworking, happy employees are essential in helping you grow your small business. People like to know that they’re valued and appreciated. If there are problems with an employee, addressing them sooner rather than later is good for your business.
The value of regular performance reviews for your Westchester business can’t be overstated. You can compare your actual performance to your business plan to assess how well you’re progressing toward meeting your goals and objectives. If you’re not sure how to conduct a performance review, or you need help putting together a business plan, SCORE Westchester is here to help. All services are free and confidential. Schedule your face to face appointment with a SCORE small business mentor today.