PERFORMANCE

Performance Management In Business                        

The term Performance or Performance Management in business may be used in a range of contexts – the main ones are disucssed below.

What is business performance management?

In business performance management is a cyclical process aimed at improving your business performance (eg: more profits, better staff retention, greater levels of customer satisfaction or whatever it is you want to improve). The simple diagram below illustrates the basic stages of the performance management cycle.

Implementing a performance cycle requires you to exert some discipline in order to understand what is happening in your business. You can then take corrective action in good time if need be.

People often talk about the Performance Planning Cycle – or the four stages of the performance planning cycle. 

Performance Management Data to Monitor

We all know that to run a business well we need to look regularly at how we are doing. Deciding on key financial information to keep track of is not rocket science and definitely should not be left to our accountants alone. See essential operating data to monitor if you want to be in control of your business.

Managing performance is also about managing risk – the principles of doing risk assessments are quite simple, but it helps if you have an agreed approach to Risk Assessements.