Here’s what we will cover today:

• Learn why employee reviews are crucial for business growth

• Grab a strategic plan template for your business

• Learn about Amazon's new competitor in the fast fashion space     

Quote of the Day

"Never interrupt someone doing what you said couldn’t be done.”
~Amelia Earhart

Today’s Tip

It’s really easy to make fun of big businesses. With all their bureaucracy, they tend to move slowly. And they tend to be difficult to work with.

But there’s one thing that big businesses typically do much better than smaller companies. And that is conducting employee performance reviews.

In fact, many smaller businesses focus so much on solving day-to-day crises, that conducting employee reviews falls by the wayside.

Which leads to problems. Lots of problems.

Here’s why:

Companies that succeed have strategic plans.

And, when you conduct periodic employee performance reviews, you ensure that your employees have objectives that are congruent with your company’s strategic plan.

So rather than employees focusing on tasks that they think are right, you ensure that they accomplish the tasks that really allow your company to grow and profit.

Without performance reviews, you get lots of problems. Management gets frustrated because employees are not achieving key objectives. And employees get frustrated because they don’t know if they’re doing a good job or not.

Interestingly, when I interviewed Mike Carden, co-founder of performance management review company Sonar6, he told me that most employees really like performance reviews, even when they are underperforming.

He said, “It’s sort of like playing golf. Even if you don’t play great, you want to know your score at the end.”

Carden gave me some other great tips on conducting performance reviews to ensure that you get the most out of your employees and your company achieves its objectives.

Among other things, Carden mentioned that reviews should typically be done monthly and should take no more than 20-30 minutes per employee.

By getting into the habit of conducting monthly performance reviews, you ensure that your employees remain focused on the RIGHT objectives and that you reward them and/or improve their performance more quickly.  

Today’s Resource

Do you have the right plan?

The right strategic plan for your business includes:

1. the best strategy to follow

2. a written roadmap so there’s no confusion as to what your team needs to accomplish and when

Our strategic plan template allows you to create a winning plan quickly.

In no time, you’ll have a strong plan to follow so your company wins.

Why play the game of entrepreneurship if you’re not going to win?

Trivia

Today’s Question: What unusual use did non-drinker Andy Warhol make of Absolut Vodka, the Swedish liquor for which he and other artists created a series of innovative print ads?

Previous Question: What was produced when sewing machines were first set up in a French factory in 1841?

Previous Answer: Uniforms for the French army.

Rioting tailors--fearing they'd be put out of work--broke into the factory and destroyed the machines.

News

Amazon Haul Launches to Compete with Shein, Temu

Unbounce CEO Discusses Mobile vs. Desktop Conversion Rates

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