At the meeting, be sure to write down any improvements they suggest. If you don't agree with something, discuss it with them, as there is no better time to do it. Keep the tone of the meeting professional. It is extremely important to remember that this is constructive criticism, not a personal attack on you. Taking this personally will not only stop you from improving in the suggested areas, but probably drop your performance in other areas as well. Also, make sure to ask how you can improve in some of these areas. It does you no good if you know where you need to improve but have no idea how to do it.
Team Feedback
This might seem even more daunting than getting feedback from your supervisor. With your supervisor, at least they are above you on the food chain so criticism is a little easier to swallow. With those you manage, this can be difficult. However, it is very necessary because how your team performs reflects on you, and if you can improve their performance in any way, you want to do it.
It is a good idea to set up a team meeting every week or so. This is dependent on what you are working on, but I find that anything more frequent than once or twice a week is unnecessary. A good idea once you set up the frequency of your meetings is to have them on the same day each week, and reserve a room in advance for multiple weeks. This puts your team into a routine so they are ready for the meeting each week, making it more productive.
The goal of the meeting does not have to be strictly feedback for you; conversely I would only make that a part of the meeting, perhaps at the end. You should ask if there is anything the team feels could be going better, and what improvements you can make as team lead. Obviously, you probably won't implement all of their suggestions, but if you just get a few good ones out of it then you will notice a significant improvement in your team’s performance.
Overall, you don't get any better if you don't know what you need to work on. If you don't get any better, you don't get the promotion or the raise that you wanted. Ultimately, this is why the burden of self-improvement falls on your shoulders. Get that informal feedback, and make your formal review shine.
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