10 tips for improving performance management

10 Tips for Improving Performance Management

Ultimately every business owner and manager seeks to increase profitability and improve productivity by building on past success, lessons learned and areas for growth and development.

Whilst many businesses can share this one common goal, managing performance differs from business to business.

In order to establish those aspects of a business that are working well the following are taken into account:

The Business Vision, Goals, Mission 
The nature of the business, business ethos and current situation.

Key Performance Indicators

Reporting systems, processes and software in place to measure success and performance.

Reviewing the current business model and position, and making a comparison between this and the overall vision, enables the creation of short and mid – term goals / objectives to improve performance.

With business growth and development comes the need to introduce new processes, and reporting systems required to manage and sustain growth.

10 Tips for Improving Performance Management

  1. Be clear and transparent – Ensure that short and mid- term objectives are communicated in a clear and transparent way to staff and team members.
  2. Listen – Capitalise on the expertise of other staff / team members in establishing more efficient processes and reporting systems that can be implemented to facilitate change. Ensure that management and team leaders understand the processes involved.
  3. Action Plan – Work with other team members and staff to create a SMART action plan outlining each stage of development.
  4. Consider – Consider the tools and resources required to implement changes and actions identified:
    • What is the financial outlay, if any?
    • How long will it take?
    • What will the impact be on other aspects of the business?
    • Are any contingency / interim plans or processes required?
  5. Delegate and Implement – Once a SMART action plan is created:
    • Ensure that staff members understand and take ownership for responsibilities in accordance with the business vision, their role and the development process.
    • Introduce Key performance indicators that measure performance against new goals, objectives and targets set.
  6. Measure and sustain–Create processes that enable and facilitate consistent monitoring and evaluation of Key Performance Indicators.
  7. Obtain Feedback – Obtain regular feedback from staff and team members to identify areas that may require further improvement or future development.
  8. Text BoxSupport – Ensure that staff and team members are supported, and encourage individual continued professional development within their area of expertise.
  9. Be Positive – Throughout transitional periods, reinforce the overall business vision and why changes being made are required to improve and grow. Be positive, staff and team members will look to you for leadership and motivation.
  10. Be Consistent – It would be unrealistic to assume that a business will stay in exactly the same position, especially those that are entering a period of growth, expansion or diversification.

Plans for development will change as goals are achieved. Keep the process going by continually identifying and acting upon new developments that affect your industry, available tools / resources and areas for further growth as and when new opportunities arise.