Evaluation is certainly an important process in business management. With evaluation, businesses can identify existing problems and possible solutions. They can also anticipate potential problems and take the necessary mitigations. However, implementation of business evaluation may vary from an organization to another. Of course, there are many options of evaluation strategies. There is no single strategy to fit all businesses.
Evaluation Strategies from Successful Entrepreneurs
In cited by YEC CommunityVoice on Forbes, some successful entrepreneurs shared their evaluation strategies in a quarterly basis. They may inspire you on how to conduct evaluation of your results and growth.
Offsite Meetings by Yellow Umbrella Ventures
For some businesses, quarterly evaluation outside the office becomes an event, in which the employers and employees can meet and socialize. It is important for business and personal relationship. Meetings in relaxing moment can be great ways to build a strong team, align goals and outcomes, and discuss business strategies and tactics to do them.
As noted by Arry Yu, from Yellow Umbrella Ventures, offsite meetings are great moments for alignment. The employees can tell their worries and problems in achieving their targets. The company schedules regular offsite meetings for business evaluation and they see the positive effects upon their performance.
Town Hall Meeting by Fattmerchant
This strategy is almost similar to that of Yellow Umbrella Ventures. Instead of conducting the meeting outside the town, Fattmerchant chooses to conduct evaluation for key performance indicators (KPI) in a town hall. They conduct weekly meetings to review each department and see their accomplishment. Of course, this is a great moment to see what is working and what is not. Then, they can identify the problems and see the possible solutions.
According to Suneera Madhani from Fattmerchant, town hall meeting is the best and most transparent way to evaluate their key performance indicators. Why? Everyone knows what is happening in the company, not only the leaders but also the employees. Then, everything comes together and forms a bigger picture for the company’s future.
“Sit and Discuss” by TekRevol
Abeer Raza from TekRevol chooses to prepare quarterly presentation, which highlights his goals and achievements. The presentation also highlights specific problems faced by the team and figures out some possible strategies to solve them. Sitting and discussing the problems with the team members are among the best evaluation strategies in TekRevol.
Accountability and Measurement by Godai Soaps
Shu Saito from Godai Soaps shared his evaluation strategies, particularly in the first quarter of the year. The points are accountability and measurement. He does several steps, including:
- Reviewing his goals
- Making a visual chart of his goals and accomplishments
- Check all the milestones, which have been achieved
- Using Q1 evaluation as a guide in Q2 evaluation, and so forth
- Deciding priorities
- Making a list of ‘homework’, namely things to be done to achieve its priority
After these steps, each person or team within the organization can design steps they will take to achieve their goals. Of course, there will be interesting evaluation strategies from other businesses. Do not miss them in the next post.