A task force was created in a small, AACSB-accredited business school to develop a more comprehensive set of standards for faculty performance. The task force relied heavily on faculty input to identify and describe key dimensions that capture effective teaching and service performance. The result is a multi-dimensional framework that will be used by faculty and administrators to communicate and assess performance expectations. The dimensions for evaluating teaching are 1) quality of instruction, 2) innovative practices, and 3) effort or time commitment. The service dimensions are 1) contribution & leadership and 2) team player. The paper describes the steps taken to develop the framework and build faculty support for its use. The experiences of the task force and the process they used to develop the framework are relevant to those who are interested in revising and clarifying the faculty evaluation process. The final version of the framework is provided in the appendix.