We normally do our quarterly performance reviews the last two weeks of the quarter but for Q4 we do them the first week of the new year due to the holidays. I’ve talked to other entrepreneurs, with modern, progressive companies, and I find it interesting that they do bi-annual or annual performance reviews. I have a hard enough time remembering what I did 30 or 60 days ago, let alone six or 12 months ago.
Another important aspect is having open communication for feedback on a regular basis. Some people don’t feel comfortable bringing up more delicate topics and let them fester. Having a consistent, regular time for face-to-face 360 degree feedback provides a mechanism for this type of communication.
I recommend quarterly performance reviews for all entrepreneurs once they have at least five to 10 employees.