When managing a team, you must take all the members involved into consideration. Remember that while interaction on a one-to-one basis in a team situation is beneficial, it is also necessary to manage a team’s members as a cohesive unit. Team Performance Management strategy takes both types of management into account.
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A strong team in any business environment doesn’t magically appear. It is fundamental to the development of a strong team that a solid plan is in place to help that team succeed. There are numerous strategies you can employ to help this happen. Consider the following suggestions for your next team development, whether it be starting a new business venture or beginning the newest phase of a project.
Inherent in any effective strategic plan are provisions for tracking the success or failure of the plan. By definition, “strategic planning allows for marking success and failure. Performance measurement or tracking of strategic objectives and action plans are of significance.” To effectively track whether or not you are meeting the goals set forth in your strategic plan, it is imperative that you regularly check in with your employees and monitor their progress.
- Increase sales (particularly those involving cash payments).
- Increase prices especially to slow payers.
- Review the payment performances of customers with sales force.
- Become more selective when granting credit.
- Seek deposits or multiple stage payments.
- Reduce the amount/time of credit given to customers.
When following your company’s strategic plan, it is vital to remember that, as well thought out as it might be, there will always be opportunities and reasons to adjust it. The need for change and adaptability is inherent in the style of management that is strategic planning. Perhaps the market changes or your company experiences significant staff turnover. Whatever the cause, you must be ready to adjust your strategic plan accordingly.
We often hear how starting a new business is stressful, demanding, time consuming and may take years off your life if you are not going about it the right way. We hear of studies that have stated 90% of businesses fail within the first five years of life, but fortunately, the Small Business Administration tells a different and more encouraging story. According to the SBA, “about two-thirds, or 66% last past the first two years, leaving only a third of businesses that fail within these two years. Extended to four years, the number of surviving businesses decreases to only 44%, meaning that about 56% of businesses fail at the five-year mark”, a far cry from the 90% previously claimed.