Review and recharge: the importance of the performance review

It’s amazing how fast time can go in small business before you know it weeks turn into months and months into years. It’s easy to get caught up in the fast pace of working in your own business. Every moment is accounted for and the days just click over at a rapid rate. You’ve probably heard many business owners say they feel like they are “on a treadmill” and sometimes, they can stay on it for years! The momentum generated by business tasks keeps them on the treadmill. It’s really hard to jump off a treadmill while still in motion. You actually have to stop. This is the number one reason why every business owner needs to schedule (and stick to) taking some time out to hold a performance review of their business on a regular basis. If you don’t stop and reflect, your business has the potential to run you which can lead to exhaustion and poor decision making. Running a business takes energy and everyone needs to recharge their batteries to renew their enthusiasm, focus and drive for their business.

How often should I review my business performance?

Ideally, you should hold your business performance review at least on an annual basis but some businesses benefit from more regular reviews quarterly, monthly or even weekly. Personally, I always love the end of the financial year to look at my goals, objectives and business performance and to make improvements to how I am doing things. For others the end of the calendar year can work as business slows down and holidays happen. It’s helpful to reflect on negatives as well as positives.

  • Did I achieve what I set out to achieve this period?
  • How has the business performance this period?
  • Do I still enjoy my role in the business?
  • What have been the negatives aspects this year?
  • What have been the positive aspects of running a business this year?
  • Am I working smarter or harder this period?
  • What needs to change?
  • What do I want to achieve next?
  • Are you happy with the direction your business is heading?
  • Have you had enough time away from the business?

If upon reflection, it looks pretty negative this is a great indicator that you need a break. It never ceases to surprise me how much more motivated and enthused I am about running a business after a well- earned break. Something I think us business owners need to schedule more of! After all everyone benefits including the business!

Ailsa Page, Small Business Marketing Expert and Director, AP Marketing Works

 

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