The previous post discusses 4 evaluation strategies as shared by successful entrepreneurs. They can be great sources of ideas on how to evaluate your key performance indicators and results. As every business is specific, the evaluation method is specific too. You can adapt the strategies based on the condition of your business.
More Evaluation Strategies to Inspire You
Team’s Growth by WoW Payments LLC
One of the keys to a successful business is team’s performance. Therefore, WOW Payments LLC pays specific attention to the personal and professional growth of the team members. When the team is growing, it is easier to keep the business practices on the track. Even though the first evaluation shows that key performance indicators are not achieved yet, the managers can be optimistic about them.
As noted by Eugene Gold, WOW Payments LLC considers team’s growth not only from professional perspective but also from personal aspect. It means that the team is said to be growing when it consists of members with balanced professional and personal life.
Performance Comparison by United Capital Source Inc.
The evaluation strategies may involve comparing Q1 performance this year to Q1 performance last year. As reported by Jared Weitz, United Capital Source Inc does this by using profit and loss statement as well as balance sheet in two respective years. Comparison provides them with a clear picture of whether everything is going on the right track or not.
The performance comparison include all essential aspects that determine the business growth, including expenses and revenues, number of clients, cost per acquisition, and many more. These help the team determine what they should do in the next quarter.
SMART Goals by FenSens
The first quarter evaluation is very important to determine the business performance for the year. Therefore, Andy Karuza sets SMART (Specific, Measureable, Achievable, Relevant, and Time-based) goals before the fiscal year begins. Then, the goals are used as tools in evaluation during the year. SMART Goals are useful tool in evaluation. For instance, if you set a target of 10% growth in sales, you can easily measure whether you achieve the target or not in quarterly evaluation.
Quarterly evaluation is helpful in determining whether you can keep the goals or need to make adjustment. Depending upon the flow of business, you may be able to achieve the goals faster than the specified time frame. On the other hand, when the business is faced with some problems, you may need to reduce the goals.
Determining What to Delegate by The Superfan Company
One of the evaluation strategies applied by the Superfan Company is determining things to delegate to the staff. According to Kim Kaupe, the more he delegates the tasks, the more the company grows. In quarterly evaluation, he highlights to-do lists and things he accomplished during the period. Then, he identifies things that can be done by the staff. This way, he can allocate enough time for himself and family.
Of course, those are not all. You can still find additional references on how to do quarterly evaluation on your performance. So, which evaluation strategies fit your business?