Appraisal simply means judgment of the value, performance or nature of somebody or something. In business, it is highly advisable to carry out an appraisal exercise from time to time. This enables you know whether you are making progress or not.
Also, it helps you to re-strategize your business plan for the best, especially when you are operating below optimal standard. An appraisal exercise could be carried out on daily, weekly, monthly, half-year or yearly basis. It is very good to judge performance in order to know when and where to make necessary changes.
In business, changes, innovations, and modifications are needed in some areas before perfection can be attained. If you must succeed in any business, appraisal exercise is highly recommended. Frankly, as a business man, it pays to stop and look back to where you are coming from, how far you have gone and where you are heading to.