Performance management means ensuring that goals are being met by individual employees, by the workforce as a whole, or by the business at large. Proper performance management is particularly important for small businesses, which generally rely on a smaller budget and a smaller workforce, and therefore have a thinner margin for error than a large corporation. The bottom line is, without a sound strategy for performance management, a small business – or any business, for that matter – is almost never going to reach its full potential.

A CPA in Tampa at Reliance Consulting, LLC, can help your company develop and implement a performance management plan that will build on the inherent strengths of your organization and take it to the next level. Since opening its doors in 1984, Reliance has been a premier accounting firm in the Tampa Bay area, dedicated to helping individuals achieve long-term financial stability and helping businesses meet and exceed their goals.

Among the purposes of performance management is setting up a consistent evaluation process for employees. The U.S. Office of Personnel Management recommends a five-step process to ensure employee effectiveness:

• Planning – set expectations and goals
• Monitoring – measure performance and provide ongoing feedback
• Developing – provide training and developmental opportunities
• Rating – summarize employee performance, usually on an annual basis
• Rewarding – raises, time off, or nonmonetary incentives for good performance

If you have questions about how to establish a performance management strategy for your business, contact Reliance Consulting today. We’ll perform a financial health checkup and do everything we can to help your company reach maximum profitability.