Business Education

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead

We all know the drill: the calendar year flips, dreams are dreamt, and then you’re face-to-face with the annual performance review behemoth. And while quarterly check-ins might feel like another item on the ever-growing to-do list, they’re actually your secret weapon for keeping everyone – you and your team – motivated, on track, and slaying those business goals. But the key to making these quarterly chats sing? Setting clear, impactful baselines that guide the way.

Setting Realistic Expectations but With Confidence

Let’s ditch the dry performance review templates and talk real – real goals, real progress, and real conversations that ignite your team’s potential. Buckle up, friends, because we’re diving deep into the world of crafting practical and persuasive baselines for your quarterly employee evaluations, all with a healthy dose of small business swagger. Now, let’s get into the nitty gritty and go step-by-step on how to set performance baselines for quarterly employee evaluations:

Step 1: Big Picture Vision, Microscopic Focus

Before we zoom in on individual roles, let’s paint the bigger picture. Where do you see your business soaring this year? Define your key company goals, the ones that make your entrepreneurial heart skip a beat. Think of increased revenue, expanded product lines, or dominating that local market share. Get specific, dream big, and write these down – they’ll be your North Star throughout the year.

Step 2: Deconstructing Dreams into Doable Deeds

Now, let’s break down those dreamy company goals into bite-sized chunks for each quarter. Think of them as the stepping stones on your path to success. What measurable milestones need to be reached each quarter for your vision to unfold? And, as always, be SMART about it – Specific, Measurable, Achievable, Relevant, and Time-bound. Don’t overwhelm your team with a Mount Everest of tasks; focus on the key metrics that drive progress.

Step 3: Mapping Personal Paths to Collective Triumph

Here’s where the magic happens! Align individual roles with those quarterly company goals. What specific contributions can each team member make to hit those milestones? Tailor these individual baselines to each role’s strengths and responsibilities. Think sales targets for your star hustler, conversion rate improvements for your marketing whiz, and customer satisfaction benchmarks for your service champion. Remember, these baselines should be challenging yet achievable, sparking that “I got this!” feeling in your team.

Step 4: Metrics that Matter (and Don’t)

Numbers talk, but not all those figures sing. Choose metrics that truly reflect individual and collective progress toward your goals. Sales figures are great, but what about customer retention rates or lead generation efforts? Don’t get bogged down in vanity metrics that look good on paper but don’t tell the whole story. Focus on the data that drives actual impact and motivates your team to go the extra mile.

Step 5: Communication is King (or Queen, or Both!)

Open and honest communication is the engine that fuels high-performing teams. Share your company goals and individual baselines with your team in a clear, transparent way. Get them involved in the process, gather their feedback, and make sure everyone feels like they’re rowing in the same direction. Remember, these baselines aren’t meant to be shackles, but stepping stones – a roadmap for collaborative success.

Step 6: Check-Ins, Tweaks, and Cheers!

Quarterly reviews aren’t just about checking boxes; they’re opportunities for growth, celebration, and course correction. Use these check-ins to gauge progress, adjust baselines if needed, and offer actionable feedback that empowers your team to reach their full potential. And don’t forget the high fives and virtual confetti showers! Recognizing achievements motivates continued excellence and keeps the fire burning bright.

How It All Wraps Up

Setting quarterly baselines takes effort, yes, but the rewards are immense. You’ll see increased employee engagement, boosted morale, and a laser-sharp focus on achieving your shared vision. So, ditch the performance review dread and embrace these baselines as the springboard to your small business success story. Remember, you’ve got this – and your awesome team by your side!

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Call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

March 31, 2022 No Comments

It can be difficult when a parent retires from their job within the family business but continues to act as if they are still in charge. They may make unnecessary demands or try to micro-manage things that are no longer their responsibility. This can cause tension and conflict among other family members who are trying to run the business smoothly. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. So, let’s discuss some tips for how to do that. The “Unable to Let Go” Syndrome Some people, be it a father, mother, or even another family member, who’s worked for long periods of time in a family business regard the company as part of their identity. It’s simply part of who they are and therefore, it’s not easy to walk away. It becomes even more difficult when handing the operation over to children, who don’t have all their years of experience. One of the most agonizing experiences that any business faces is moving from one generation of top management to the next. The problem is often most acute in family businesses, where the original entrepreneur hangs on as he watches others try to help manage or take over his business, while at the same time, his heirs feel overshadowed and frustrated. Paralleling the stages of family power are stages of company growth or of stagnation, and the smoothness with which one kind of transition is made often has a direct effect on the success of the other. —Harvard Business Review Unsurprisingly, this can easily lead to a father, mother, aunt, uncle, or even a cousin to hang around. Perhaps to the extent that he or she still continues to “run” the business, without the permission of their successors. He or she may make promises, enter into deals, or offer discounts that undermine the new authority of their successive family member(s). Of course, this can cause resentment, anger, frustration, and might also be the cause of unnecessary fighting and/or financial trouble. How to Deal with a Parent Who Keeps Interloping in a Family Business After Retiring Fortunately, if you’re in a situation where one or more of your family members has retired but still continues to interlope in the family business, there are steps you can take. First, you need to have a discussion with your parent about their role in the business now that they are retired. It is important to be respectful yet firm in this conversation. Explain to them that while you value their opinion, they need to respect the fact that you are now running the business. This means that they should not try to make decisions or give orders without consulting with you first. You may also want to set some ground rules about how often they can come into the office or participate in business meetings. It is also important to stay calm and avoid getting into arguments with your parent. If they continue to try and take control, it will only escalate the situation and make it more difficult to resolve. Instead, try to have a rational and calm discussion about the situation. If necessary, you may need to involve other family members or even a mediator to help resolve the situation. Additionally, it may be necessary to speak privately with any customers who aren’t completely clear about who is actually running the company and who makes the decisions. This could help in the future with communication and in other important areas. If you find yourself in this situation, it is important to set boundaries and communicate effectively with your parent. By doing so, you can hopefully avoid conflict and maintain a healthy relationship with your parent. Have you ever dealt with this type of situation? What would you do to resolve it? Please take a moment to share your experiences and thoughts so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Better Keep Track of Small Business Expenses in the New Year

January 21, 2021 No Comments

Keeping track of small business expenses is no easy task. In fact, it’s one of the least liked chores or responsibilities that come with running a business of any size. And, it’s little wonder why. After all, these various costs range greatly in amount and frequency, making them very difficult to keep straight. Plus, when more than one person is spending money on such expenses, it complicates the matter even more. Fortunately, there are ways to keep better track of your small business expenses. Business Expenses vs Personal Expenses According to the IRS, a business expense is something “ordinary and necessary” – expenses that are commonplace in your trade or profession and which are helpful for your business. While that’s a very broad definition, most people understand in order to qualify, expenses have to directly relate to the operation of a business. (Of course, there are instances where it’s necessary to rely on the advice of an experienced accountant and/or tax professional to determine which expenses are and which aren’t “ordinary and necessary.”) Handling business finances is often one of the least favorite parts of running a small business. Having a firm grasp on your cash flow, knowing what’s tax deductible and what’s not, understanding what you spent each quarter; it all translates into a more positive and less stressful experience at tax time. You might be dreading that expense tracking is going to be a thorn in your side. But with knowledge comes power. Understanding how to properly track expenses will help ease the pain. —Inc.com Obviously, personal use disqualifies purchases from being classified as business expenses. Unfortunately, some businesses take the risk of trying to write off expenses that don’t truly qualify. And, it’s a big risk because it could very well cost a lot more in the end than it’s worth in the short-term. So, it’s critical to keep track of those genuine business expenses. How to Better Keep Track of Small Business Expenses In order to better keep track of small business expenses, you’ve got to get into certain habits and use the right tools. Here are three ways to keep track of your business expenses in the new year: Use only corporate accounts. This is one of the easiest ways to keep track of your business’ expenses. Use only business credit cards or debit cards and you’ll have all those transactions in one place for quick reference. What’s more, it makes accounting for all your purchases a lot less complicated and simpler to find when needed. Run cloud accounting software. Approximately 9 out of 10 small businesses already use some form of cloud accounting software. While that’s a great way to help keep track of expenses, if it isn’t used properly, it won’t be an effective tool. Get in the habit of going over the program on a regular basis so you’re familiar with how it works. This way, when you need to pinpoint something, it won’t be a big deal. Store all your business receipts. Here’s where too many businesses go wrong — they don’t store all their expense receipts in an orderly manner. Remember, not all your transactions will have a digital trail, so it’s very important to keep paper receipts. Recently, I asked my accountant for some app solutions he would recommend for one of our clients, and is his recommendation; If you want basic functionality you can use Scan Manager build right into QuickBooks Desktop versions. In QuickBooks online there is a new “receipts” application located from the “banking” menu choice. You can scan/upload anything and link it to a job/invoice/bill, etc. The online version supports smart phone uploads. For something more sophisticated, Expensify is popular. It has good functionality to support field staff and ties into QuickBooks well. It is relatively inexpensive at $5.00 per remote user per month, plus $ 9.00 per month for admin users. You can get more details from the app menus. What other suggestions do you have to help keep track of business expenses? Please share your thoughts and experiences; your comments could help others better run their businesses! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Don’t Dare Make these Startup Customer Service Mistakes

May 5, 2017 No Comments

Your business is really your customers’ and when you stop to think about that, it puts things in perspective. You need paying customers to stay in business and when you pay them respect, you invest in your company’s future. We’ve all dealt with bad customer service and have shared horrific stories about our experiences. In fact, studies show that customers who are satisfied with a company will share their enthusiasm with two to three people. However, dissatisfied customers will share their negative experiences with eight to ten people, even as many as twenty. That shouldn’t come as a surprise, but too many business owners focus on the bottom line in ways other than customer service. They think about how to increase exposure, new opportunities, upping sales figures, and the like. It’s usually only when a problem arises, brought to attention by a particular person, that customer service is put front-and-center. By then, it could well be too late and that shouldn’t be allowed to happen. Costly Startup Customer Service Mistakes Whether you’re building your book of business or have several clients, you need to make customer service a top priority, and, one that is ingrained into everyday practice. Being proactive is essential to success in pleasing your customers, and, they will assuredly take notice. After all, we as consumers continue to patronize the same places where we are made to feel important, even if the product or service isn’t necessarily the best of the best. No matter how great your company’s product or service is, if your customer service skills are lacking, it won’t make much difference. This is especially true in today’s economy, as struggling business owners need every possible advantage over their competition. Unfortunately, far too many business owners make the same customer service mistakes over and over again, sending their customers into the arms of their competitors. —All Business.com That’s how important good customer service really is, it removes or displaces many objections, and, can be the single most powerful thing that beats out your competition. You ought to take advantage of anything and everything you can and this area is where your company can excel. What you shouldn’t do is to make one of these startup customer service mistakes: Not responding in a timely manner. Forgo those auto email replies because they deliver a message that you don’t want to send: you’re too busy to be bothered to personally respond. A simple reply shows there’s someone who cares and values the sender as a business partner. Taking on projects that aren’t within your core competency. When startups take on everything that’s asked of them, even things which aren’t part of their core competencies, they make a huge mistake. The results are highly likely to be disappointing and that can mean losing future business. Limiting your connections to your customers. Complicated phone trees and canned online forms only serve as a frustration point for your customers and send a message that you don’t want direct contact. Be willing and open to connect with your customers and they’ll feel important. You don’t follow-up with past and present customers. It’s absolutely imperative that you check-in and follow-up with past and present customers. It lets them know you value them and is a great way to build-up your networking skills. Not having a set customer service protocol. Everyone in your organization should be in-the-know about customer service protocol and follow it when needed. If you don’t establish a set of practices, you’re leaving too much to chance. Two other big no-nos are being too accommodating and being too defensive of constructive criticism. Taking on everything that’s requested to look bigger than you are is a one-way ticket to mediocrity, or even to failure. While not being able to accept and learn from constructive criticism will make you appear obtuse and/or egotistical. Be grateful for your customers and show it and that alone will do wonders. [shareaholic app=”follow_buttons” id=”26833294″]

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead

How to Set Performance Baselines for Quarterly Employee Evaluations for the Year Ahead

Setting Realistic Expectations but With Confidence

Step 1: Big Picture Vision, Microscopic Focus

Step 2: Deconstructing Dreams into Doable Deeds

Step 3: Mapping Personal Paths to Collective Triumph

Step 4: Metrics that Matter (and Don’t)

Step 5: Communication is King (or Queen, or Both!)

Step 6: Check-Ins, Tweaks, and Cheers!

How It All Wraps Up

Want to Accomplish More?

Let’s solve your biggest challenge – right now!

Like this article?

Related Posts

Help! My Dad Retired from the Family Business Years Ago but Still Tries to Run It and It’s Causing a Lot of Problems

How to Better Keep Track of Small Business Expenses in the New Year

Don’t Dare Make these Startup Customer Service Mistakes