Performance Management System 5 Tips


Do you need a system that will track the performance of your employees in a consistent and measurable way? Then you need a performance management system for your business!

Wondering how to create one?

You’re in the right place! In this video, I’ll be talking to you about the five steps you need to take to create performance management system that’s perfect for your business. 

A balanced scorecard approach

This is a performance management system aligned with a company’s core strategic goals. It includes the performance objectives of the business which it monitors, measures (and changes if necessary) with the end goal of achieving the company’s business plan.

Why it might sound scary to business owners

Creating and implementing a performance management system for your business can be a daunting task. There are so many factors to consider – from setting goals and measuring progress, to providing feedback and handling termination procedures. 

There are five steps to creating a performance management system are:

  • Identifying your critical success factors,
  • Setting your KPIs,
  • Figuring out your initiatives,
  • Reviewing your progress, and
  • Taking action.

This list might seem intimidating at a first glance, but having the right tools and advice, will definitely make it a lot easier and manageable. This article will outline the steps you need to take to create an effective performance management system for your company.

And, by following these five simple steps, you’ll will set yourself up for success. So don’t wait any longer – watch this video now!

Ready to create your performance management system?

Now that you heard me explain these simple steps, you can go on to implement them and come up with a system that will work for your company’s values and goals. It will not only ensure that you’re always on track, but will also constantly improve your business. I hope this video was helpful to you. If you want more information, or if you have any questions, please don’t hesitate to subscribe to my channel and leave a comment.

Be sure to subscribe to my channel so you don’t miss an episode. And until next time, remember that you are in control of your finances and your future.

If you want your relationship with your numbers to be easier and financially rewarding, then grab a copy of my book I Hate Numbers. According to one reviewer: 

“This is the best, most straightforward, pragmatic and enjoyable book I’ve ever read on finance for business. It’s a must-read for all entrepreneurs. Your clarity, humour, wisdom and great advice shine through as you make numbers accessible and easy for everyone.”

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Plan it. Do it. Profit.