Stepping Back to Step Ahead Through Reviewing and Assessing

If you are a business owner, it is essential to perform periodic business reviews. This will show where you're doing well and where you need to make course corrections. But sometimes events outside your control will force you to take a step back and evaluate your business plan. For example, a COVID19 pandemic or lockdown could make you reassess your plans. Or, you may need to switch careers.


Reassessing business life
When it comes to reassessing your business life, reviewing and assessing your strengths and weaknesses is a must. Although your strengths may be obvious, you must also be aware of any weaknesses you may have. It is best to list any potential weaknesses in a business plan, even if they don't directly impact your business.

Outsourcing
Many companies have embraced this selective outsourcing approach. However, some managers are still unsure of its implications. The conventional strategic versus commodity outsourcing approach is outdated and has no replacement framework. RN 21-29 provides a roadmap for firms to evaluate vendors. The framework also enables firms to demonstrate compliance with NTM 05-48.

Outsourcing requires an ongoing assessment and communication with stakeholders. A company should define its outsourcing scope and identify the key stakeholders and risks. It should review and assess all processes and develop scorecards. It should also identify risks, such as compliance with FINRA rules and federal securities laws.

COVID19 pandemic
Despite the uncertainty surrounding COVID-19's pandemic spread, there are several important steps that can be taken to ensure a smooth response. These steps include identifying and isolating contact information, case investigation, contact tracing, and stopping the chain of transmission.

The Centers for Disease Control and Prevention (CDC) released updated guidelines for COVID-19 vaccination and advised people living in areas with high COVID-19 transmission to wear a face mask indoors to maximize protection from the Delta variant and avoid spreading the virus to others. Meanwhile, the President of the United States issued an Executive Order requiring federal employees and contractors to receive the vaccine.

Performance management
Performance management is an important tool for evaluating employee performance. It can help you identify the areas that need improvement and set goals. The process can also be used to develop an employee's career development plan. The goal is to help the employee meet agreed-upon results and behaviors. Typically, the process is conducted in the context of a review and an appraisal. It should be a collaborative effort, and the employee should have input.

One of the first steps in implementing a new performance management process is to test it with one department or business function. This will allow you to see whether the new system works, and also identify key learnings. Once you have a working system in place, you should consider rolling out the process to other departments.