How to Develop Performance Measures?

StrategyDriven Organizational Performance Measures Article |Performance Measures|How to Develop Performance Measures?Have you ever thought of improving the quality and productivity of your organization, achieving set goals, and recognizing hard-working employees?

Well, one sure way is by developing the right performance measure.

Organizations often measure employee performance to achieve set goals. Most times, determining how to develop the right Key Performance Measure (KPI) may lead to hassles and failure that might bring unwanted results. However, it is important to develop the KPIs using the right approach as it aids better decision-making, makes employees more responsible for achieving set goals, evaluates the growth of the business better, and manages the employees’ performance better.

Steps to develop performance measures

1.Familiarize with the concept of performance measure/What is KPI?

It is needless to say that the misconception of KPI is a common organizational problem. Organizations need to comprehend what KPI is all about so they can apply it correctly. KPI is not a data collection strategy, nor is it an employee productivity tool.

It is the value of the numeric work input and evidence of the reoccurring performance result. Simply put, KPI refers to the reliable data generated from the efficiency of programs. After a proper understanding of the subject matter, other processes would yield better results.

2. Evaluate the KPI’s Criteria

If your company has existing KPIs, it is advisable to conduct another review on it and select the one that would yield better results based on the performance measurement. However, if you don’t, you should create strategies according to your company’s achievable goals.

The goals must also align with the measures and must be proven to work efficiently, i.e., someone else must have used this plan. The measure must also be understandable, inspirational, and capable of being regularly tracked. Remember to keep the measurements lesser in numbers and detailed.

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3. Set Measurable Goals

Your company’s goals should be specific, clear, realistic, and understandable. All this aids an excellent performance measure with meaningful results. Try to make the objectives less action-oriented, vague, and multi-barrelled. Instead, write about intended results with precision, and list your goals separately. Setting up small goals is better for a start.

4. Be Deliberate

While developing your performance measurements, employ the deliberate technique rather than a brainstorming one. Visualize the end, evaluate the potential measures that expose the capability of achieving positive results, and look at the bigger picture. This would allow you to decipher what is being measured and take your stance regardless of the unforeseen circumstances. It should be visible, countable, and measurable.

5. Let your supporters buy-in

Without those who support and understand your performance measure, your KPIs would not get the required attention. To make your KPI meaningful, you have to put them into use. They would fulfill the purpose by building buy-in with those you have been working alongside.

Building buy-in is by creating a measure team and ensuring that they comprehend the problems and how the KPIs work. Also, build an open environment where others can critique and give feedback on the KPIs.

Required characteristics for performance development

Before developing the KPI’s, there are some characteristics an organization should possess; they are:

  • Target An organization aiming for success should have some achievable targets within a specific period. The period may be within six months or annually
  • Measure The measure and the target work together. Measure here may refer to the number of acquired customers for the various products and services. Set a means to achieve the target.
  • Frequency The review of the KPI’s progress should be done regularly. It could be on a monthly or weekly interval depending on the nature of the target
  • Data Discover where your data would come from, as this would boost your progress level. Discovering this would prevent a waste of time.

Conclusion

Developing performance measures is an essential business tool to achieve your organizational goals. It also goes a long way to fulfill other organizational needs like setting realistic goals, recognizing employees’ hard work, timing employees through task timer online, and building a supportive team that understands your business challenges. You can try out our opinion on the steps in developing a performance measure, leave questions on where you need clarification, and tell us about your views.


About the Author

StrategyDriven Expert Contributor | Lori WadeLori Wade is a journalist from Louisville. She is a content writer who has experience in small editions, Lori is now engaged in news and conceptual articles on the topic of business. Time management is critical to career success. That is why she uses the task timer online to stay in the lead at all times. If you need more tips on time management, entrepreneurship, or leadership, you can find her on LinkedIn.

How to Start Your Online Business?

StrategyDriven Starting Your Business Article | How to Start Your Online Business?

  1. Have you ever given a thought to these questions?
  2. Why do the majority of people prefer their business?
  3. Can I too have a better standard of living by becoming a businessman?
  4. Does my poverty stand in the way?
  5. Can I become a respectable business owner without any capital?
  6. How is this possible?

These are just some of the questions that come to mind for anyone who wants to start their own business. Is more profitable than a job? But in the end, what are the reasons why you should start your own business? In this article, we have tried to explain not only all the reasons why a person should start their own business but also try to dispel the misconception that a huge amount of capital is required to set up your business. An investment can start your own business but also a successful businessman.

Perks of Owning your Own Business?

  • By becoming a businessman, you can better serve the society. You can help people in many ways and create employment opportunities for them.
  • In your business you can choose the people you want to work with according to your will and choice, while in the job you do not have this option.
  • Many people are more intelligent and intelligent than others and have the ability to lead people in the right direction. And they are well aware of their abilities. So they work under someone. They do not want to waste their skills, so they prefer their business.
  • You can set the pace of work according to your will and convenience. You do not have to wait for anyone’s orders.
  • Your business offers you new opportunities and new challenges. And if you are a person who accepts challenges, then your business is the best for you.

Ideas on How to Start a Business

Try Affiliate Marketing

This business started without any capital is gaining popularity all over the world including Pakistan nowadays. It is the best online source of making profit and this business can be easily run from the comfort of your own home or even in your own room. In this method you promote another company’s product or service through internet or any other similar medium and by selling it you get your fixed commission.

Go Blogging

A blog is a website or web page on which new information and comments are written every day. It is planned by an individual or a group of people together. Blog writing has become an important need of social media. In Pakistan It is in demand in both Urdu and English languages. You could start your own home-based business tomorrow with very little start-up cost.

Earn Being a Consultant

If you have a lot of knowledge, skills and ideas in the field of business and you are thinking of helping new entrants in the field of business in this regard, then you can become a very good business counselor and not just a new business entrepreneur. Can train people but also make a good profit.

Sell Academic Papers             

Another trending way of earning, which is going very popular these days, is through writing academic research papers. If you are good at researching and writing formals. You can earn through it. Or you can hire expert assignment writers for your agency and start the business like fiver or UpWork.

Earn Through Event Management

If you have a degree in event management or if you have excellent skills in planning, designing and arranging things, you can start your own business as a good event organizer. Religious organizations, wedding ceremonies and political parties can make a lot of money through event management.

Sell Writing Services

All companies and organizations need a noticeable written material for promotion which can get the attention of the maximum number of customers. If you have the ability to create such attractive content in English language then you Start a very successful content writing business and provide content to various companies and organizations.

Start Writing E-Book and Sell it

If you are a good writer and know the techniques of e-books, you can make a great profit through eBook writing. It can be a great business especially for women who have this ability.

To sum it up, you can avail your own skills to start a business or utilize others’ skills by managing the entire business plan. Remember that success in any field or business does not depend on your degrees but on your intelligence and hard work.

How Do I Start an Online Business?

StrategyDriven Starting Your Business Article | How Do I Start an Online Business? | Initial Business PlanningStarting an online business in the present era is no big deal. However, you must not consider it as an effortless job. It would be best if you strategize things perfectly, especially about your resources while planning to open a business online.

Here are the steps you must follow to open a business and handle it on the virtual platform. Sheer dedication and smart efforts can help your business to get online sales easily.

Initial Business Planning

In this step, you must think and sort out the commodities or services you want to sell. Always check the customers’ necessity level in regards to whatever you sell.

You can organize both online and offline surveys and consult a business expert before finally executing it. Make sure you are aware of your competitors and dedicated to serving people better.

Make engaging online content

Right after planning, you must concentrate on making engaging content that spreads information among the masses about your new business. Social media sites could be the best place where you can publish posts regularly.

Your posts should primarily engage people, inform them about your product, and convince them to buy it. You can invest in professional writers to make sure your content converts more and more buyers.

Design a websiteDesign a website

A website acts as your basic tool to manage your business online. Initially, you must design your e-commerce website with simple elements. Make sure it is responsive and user-friendly.

You can link your social media posts with the website to enhance the amount of site traffic. The more you get the traffic, more you can make sales.

The commodities that you deal with should be present in an organized way on your site. End-users must be able to access all the necessary information and the price of every commodity.

Invest in search engine optimization

Once your website is ready, you must invest in SEO. Many professionals can dedicatedly execute both On-Page and Off-Page SEO, which improves the rank of your website on the results page.

search engine optimizationThe best way to get the right SEO company is by searching for quotes online. You must know about the package of services they offer and how you have to cooperate with them.

Communicate with customers to develop a reputation

Excellent communication with your customers can make you a reputed business owner. You should not only respond to the customers via your website but also through your social media handles.

Regularly observe your business profile on social sites to get a glimpse of everything the customers are thinking about you.

Your response to the customers can improve your credibility and you can make a brand-loyal customer base easily. Some brand loyal customers and even take your brand authority and reach out to more potential customers.

Provide Conveniences

Most people opt for online shopping to get extra conveniences that are harder to get in case of traditional shopping. Once your e-commerce website starts to fetch you a profit, try giving amenities like discounts to the customers.

You can also give away electronic gift cards and festive season offers to enhance the rate of sales from your website.

In case you want to clear old stocks, try giving it on flat discounts along with new purchases. These strategies can often help you to stay on a decent lead than your competitors.

Final Words

If you are not sure about opening an online business, consider this to the right period to set up one. In the post-Covid era, online shopping would drastically increase as more people would not visit markets for shopping. You should always try to keep up quality service to enjoy getting satisfactory profits.


About the Author

StrategyDriven Expert Contributor | Bhavik SoniBhavik Soni is a Creative Writer at Auto Monkey. We provide an original analysis of the latest happenings in the social media industry. Connect with Latest Social Media Trends and News plus tips on Twitter, Facebook and other social tools on the web.

3 Types Of Listening Skills That You Can Adopt For Your Next Conversation

StrategyDriven Practices for Professionals Article | 3 Types Of Listening Skills That You Can Adopt For Your Next ConversationHave you ever been a part of a conversation where the other person constantly shuts you out? And they just won’t let you speak! Don’t worry; you’re not the only one. We all have had to go through people dominating conversations through combative listening. It’s not a pretty picture!

But what are your options? What is the best way to react? Should you be competitive too? Probably not. An active listener would be more likely to grasp what the person is saying and defend his point of view. Makes sense, no? Although it is difficult to apply in heated debates, with a little bit of practice, you’ll know what type of listener you need to be and in which situation. Here are a few that you may already be practicing but didn’t know about! Keep reading.

#1 Competitive Listening – The One Who Shuts Someone Down

Don’t you hate how your boss interrupts conversations to emphasize his point of view? Well, it’s a type of listening skill. Instead of listening to the other person, this model involves pushing your opinion onto someone else. Whether arguing with your spouse or friend, you may have realized that you have been doing this as well. Sometimes, we jump in to say what our opinion is and make a point. This type of listening is predominant when someone wants to list the flaws or drawbacks of the other person’s argument.

One can but not necessarily should apply this to have the upper hand during a negotiation. You may have realized that when you are being a competitive listener, you may indulge yourself a little too much and have a closed mind about everything else. Which isn’t ideal – especially during conversations with important people.

#2 Reflective Listening – The One Who Is An Active Participant

The best kind of conversations are those when someone is actively listening and responding to you. This is known as active listening since a huge part of it includes listening to the other person’s side of the story. It’s necessary to be patient and reflective since hearing alone does not do the job.

Remember when your spouse told you that they would be late for dinner tonight? But you were glued to the television! You may have heard it, but did you listen? If you listened, you would have responded and asked questions or given an opinion. So, it’s necessary for both people to be interested and intrigued while this takes place. Interactive conversations can lead to discoveries about oneself and the people around you. Any conversation can become an intense one. Like an adventure ride. So push beyond your comfort zone and activate your ear lobes. This conversation is going to be a thrilling one!

#3 Passive Listening – One-Sided Conversations

Some people simply like to listen. They are attentive listeners and are absorbing all the information they get with every passing minute. However, this can get monotonous for the other person if it’s a long conversation. Although ideal when you want to pay attention to someone, you may use this while someone is giving a lecture, a talk, or narrating their experiences.

Rather than being reflective, you would want to listen with utmost curiosity and be 100 percent engrossed in the smooth-flowing conversation.

Here, unlike when you’re actively listening, even if you agree with the other individual, you’re not doing so vocally. This can be a good practice to understand what someone is saying, instead of trying to put your point across.

Conclusion

There you go, those were the three different types of listening skills that you probably didn’t know about. We all use these at different points in our conversations throughout the day. Sometimes you can be an active listener with your friend but a passive listener with your boss and a competitive listener with your partner!

How to Build a Holiday Rental Portfolio Overseas

StrategyDriven Entrepreneurship Article | How to Build a Holiday Rental Portfolio OverseasOne of the most profitable types of property to invest in is a holiday rental. These types of properties can generate a large amount of regular income, as well as provide a foreign getaway for you to enjoy from time to time.

Having a portfolio of holiday rental properties can even create enough passive income for people to leave their current employment and become a rental property manager full-time. In this quick guide, we are going to look at some of the different ways to build a holiday rental portfolio and what you should be aware of as you look for properties to let to holiday-makers.

Location, Location, Location

This is the most important factor when looking for property to build your portfolio. You need to identify popular holiday destinations in order to guarantee clients that will want to rent your homes to use while they enjoy the sun, sea, and sand of their holiday.

Spain is a massively popular holiday destination and has a thriving holiday property market, making it a great place to get started. Look for areas near to popular beaches that are serviced by airports that have flights coming in from all over Europe. Buying property in Spain is relatively straightforward but it is a good idea to find someone local to the area that can assist you. Get yourself an English lawyer in Spain to help you with the process and act as your representative when you are not in Spain so you don’t have to hop on a flight to dot all the i’s and cross all the t’s.

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Will You Self Manage or Use a Rental Agency?

If you want to make the most profit possible from your holiday rental property portfolio then you should consider managing the rentals yourself, though this may take up a lot of your time and could require you to live in the area around your holiday homes.

Using a holiday property rental agency will eat into your profits a little, but will make the rentals much easier and give you more free time. Many people who begin to build a holiday rental portfolio will do this at first, and then slowly take more control over the renting of their properties as time goes on and learn more about what is needed to rent holiday homes successfully.

Liabilities, Insurance, and Taxes

These types of costs must be taken into account when you are budgeting. Failing to insure your properties in the event of accidental damage, for instance, can be very costly if something goes wrong.

Taxes will vary from area to area, and there are many local municipalities that offer incentives for holiday rentals, so investigate these costs before you commit to a property or an area. This is another area of property ownership where a rental management company can help you. They will be well versed in all the local property taxes and professional liabilities and can help you navigate through all the paperwork associated with owning a holiday rental property in a foreign country.

Renting a holiday home abroad can be a great way to generate income, and could be the first part of a thriving business that you build for yourself. Hopefully, this quick guide will have helped you along the way.