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4 Tips to Improve Your Business Performance

StrategyDriven Managing Your Business Article |Business Performance|4 Tips to Improve Your Business PerformanceAll businesses should regularly monitor their performance and look for ways to increase efficiency, improve processes, and maximize revenues. Fortunately, some simple planning can quickly boost business performance and help you achieve your goals and objectives. Here are four tips to improve your business performance:

1. Evaluate your business performance

The first step is to evaluate your current business performance. This will give you an overview of your company and help you identify areas for improvement. You will also be able to gain a realistic idea of how close you are to achieving your intended business goals. You can use a variety of business metrics to help you assess your company’s performance. According to Chron, the following indicators can be used to evaluate business performance – key operations variables, market performance, customer returns, and product quality and returns. Monitoring your company’s performance against your business goals will help you achieve continued growth and remain competitive.

2. Focus on employee satisfaction

Employee satisfaction levels will have a significant impact on your staff’s overall performance in the workplace. Happy employees will be far more motivated and eager to do a good job. Whereas unhappy employees are likely to lack enthusiasm and be less inclined to go the extra mile at work. With that in mind, finding ways to improve employee satisfaction can be a reliable way to boost a company’s overall performance. Luckily, there are several ways that employers can increase employee engagement and improve workplace morale. Here are a few ideas:

  • Give employees greater responsibility and autonomy when it comes to their work tasks.
  • Offer flexible work schedules to help staff maintain a healthy work-life balance.
  • Support your team but avoid micromanagement.
  • Reward your staff for hard work with incentives such as shopping vouchers, bonuses, and additional vacation days.
  • Hold regular performance meetings and be transparent with employees about their career progression.

3. Invest in marketing campaigns

Marketing campaigns are an essential way to build brand awareness, increase sales conversions, and boost earning potential. For that reason, all companies should focus on implementing strategies to improve their marketing performance. Ideally, businesses should experiment with a variety of marketing techniques to help them determine the most effective way to reach their audience and promote their brand. All marketing campaigns should be closely monitored to maximize results and ensure that advertising budgets are being well spent. Some of the highest performing marketing strategies to fuel business growth include social media marketing, SEO marketing, and email marketing. You can make your online marketing campaigns even more effective by gaining marketing data lists from specialist companies such as Lead Lists.

4. Outsource business tasks

Outsourcing specific business tasks can be an extremely effective way to boost business efficiency levels. You should keep in mind that trying to do everything yourself is likely to harm your business performance. Whereas outsourcing will ensure that specific tasks are being managed by experts, thus allowing you additional time to focus on improving other vital areas of your company. Some business tasks to consider outsourcing includes digital marketing, customer support, blogging, and cybersecurity.

Evaluation and Control Program Warning Flag 1 – The Illusion of Accuracy

Evaluation and Control Program Warning Flag 1 - The Illusion of Accuracy | StrategyDriven Evaluation and Control Article | Warning Flag“Measure with a micrometer, mark with a crayon, and cut with a chainsaw”
Author Unknown

Evaluation and control programs provide executives and managers with the critical information they need to make effective business decisions. However, an equally critical component of the decision-making process is the understanding that no data-set is a perfect reflection of reality. Therefore, it is important for business leaders to recognize the potential inaccuracies associated with their data in order to fully assess the risks these flaws pose to the achievement of desired outcomes.


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Additional Information

The following StrategyDriven recommended best practices are designed to reduce the likelihood leaders will receive data presented with an exaggerated accuracy.

Business Performance Assessment Program – Use of Experience

StrategyDriven Business Performance Assessment Program Principles ArticleRigorous business performance assessments rely not only on observable, quantifiable facts but also on the experience of those conducting and participating in the assessments. When properly applied, experience accelerates issue identification and deepens contributed insights. Experience, however, should not be represented as fact nor should it be used as the primary mechanism to combine otherwise unrelated facts when making the case for a performance strength or improvement opportunity.


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About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Evaluation and Control Warning Flag 2 – Absence of Evidence as Evidence of Absence

StrategyDriven Evaluation and Control Warning FlagWhen examining organizational performance, assessors too often fall into the trap of concluding that the absence of adverse outcomes indicates a lack of underlying performance issues. This is an evidential fallacy. Many organizational shortfalls exist without causing consequential outcomes for reasons of redundant barrier prevention, lack of recognition, or simply blind dumb luck. The lack of a noticeable consequence does not necessarily equate to an absence of an issue; it simply means that the problem itself, up until the point of examination, has not manifested itself in a substantial outcome.


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About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Business Performance Assessment Program Warning Flag 1 – Inwardly Focused Performance Assessments

StrategyDriven Business Performance Assessment Program Warning Flag ArticleOften practiced, it can be highly misleading to base the organization’s performance standards relative only to internally identified best practice methods and characteristics. While at times the organization’s performance does represent the highest standard, it is more likely that individual activities are performed more effectively and efficiently by other organizations, particularly those seeking to improve performance in an effort to compete with perceived industry leaders. Top performers recognize this trap and augment their internal search for effective performance with an outward examination of other relevant businesses.


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Additional Information

The following StrategyDriven recommended best practice is designed to support introduction of external performance information to the business performance assessment process: