As your small business grows, measures to track your performance as a whole become more and more important. Analyzing the output and performance of your team will be an integral part of your regular management schedule. This is where performance tracking tools come in.
1. SWOT Analysis
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It was originally devised by Albert Humphrey, a prominent business consultant who worked for the Stanford Research Institute.
The four elements fall into a 2×2 matrix: the helpful and the harmful, and the internal and external.
Strengths and weaknesses fall under the internal category. These are the elements that a business has full control over such as strong marketing fundamentals or a high attrition rate, and can be fixed at the management-level or below. Discuss these issues with your employees, and find out how these can be assessed and fixed.