As the year draws near, it’s important to start planning and reviewing. In order to get started we give 7 steps to start your review, whether that be for yourself or your business. It’s always important to note positives and potential opportunities.
Half of the battle is reflecting and learning which you will discover with these 7 simple steps for when you start the review. As a business owner it is very easy to get caught up in the day-to-day work and put this on the back burner. The new year provides an opportunity to really sit down and understand your position with no distractions.
Here are 7 steps to review your business:
1. Establish your goals
A yearly review requires a sense of objectivity as well as the ability to separate yourself from the business to access a “bird’s-eye view”. Rejoice in the wins. Recognize the areas for improvements. Keep them real, but also consider pushing them a little – don’t be scared to “shoot for the stars” as you might be pleasantly surprised by the achievements made. Don’t be shy in getting a little creative.
2. Create a reflection list
This time of year is not just about looking forward, but it’s also about looking back. Analysing what went well, and what could have gone better
Consider answering the following questions:
– What were our/my achievements?
– How did these achievements affect our growth as a company?
– What did we learn in the past year, and how did it support our progress?
– What were our greatest setbacks and/or disappointments for the year?
– Were strategies created and implemented to tackle setbacks?
– Were there any unforeseen expenses which could be avoided in the upcoming year?
3. Create a schedule
It’s important to set aside enough time to properly delve into the issues that matter most to your company. Keep scheduled time slots in each day during one particular week, this will ensure both time execution and maintain a flow.
4. Reflect on the positive.
Learning from our successes is just as important as learning from our mistakes. Recognize what works for your company and recreate the specific practices that led you to those achievements within the context of the future needs of your organization. Remember that talent and skill play roles in success too, so this is also a time to celebrate your team’s and your own natural abilities.
5. Take a quantitative look at your business.
Don`t be fooled into thinking that you had a “good” or “bad” year, know the facts.
It’s time to identify the tools you will need to measure your company’s performance over the past year. Naturally, you will need to review your financial statements, but other metrics may also include assessing new customer growth and retention, email list development, Google analytics for your company website, as well as downloads and new subscribers via your own online published content. Business owners should also try researching and pinpointing other ways of contributing to their own metric arsenal.
6. Don’t overlook company culture and values.
Company culture is a pivotal factor in a company’s reputation and overall success. Without a solid value system, a positive and supportive culture is much more difficult to achieve. Even sole proprietors should maintain a distinct set of values in order to be successful. Take stock of both the positives and negatives in relation to their company’s culture by asking the following key questions:
– What did you do to encourage a positive company culture this past year?
– Any missed opportunities?
– How can you be even more focused and effectual when supporting a positive company culture in the upcoming year?
7. Remember to follow up.
Uphold your plans. Don’t forget to arrange periodic (monthly or quarterly) meetings to ensure that your goals and strategies are not only in working order, but also having the desired effect. Note – these shouldn’t necessarily be in stone but rather flowing “like water”, make changes, note your wins, and continue to celebrate them!
If you need help analysing your year-end, let us know. We also offer financial modelling, budgeting, cash flow forecasting, and more on top of our bookkeeping and accountancy services. Book a free consultation with us today.