As the year draws to an end, now is a great time to take stock of how your business has performed this year, so you can make plans for 2023.
A successful business has many parts and it can be difficult to know what to review in your business, so I though I would share my top 6 Things to Review in your Business at the Year End.
Destination
Every business should have a destination in mind, a long term goal, a purpose – does your business have one and how are you doing on achieving your goal? If you don’t have a Destination then take some time out now to set one. If you do, then think about what you have done to achieve your goal and what steps you need to take next year.
Ensure you have shared your Vision, Mission and Culture with your team. Check your Business Plan and see if it needs any adjustments based on what happened this year or on what you think might happen next year.
If you haven’t done any of this, get booked on to one of my 2023 Business Planning Workshops!
Operations
As a business owner you should be working towards being less and less involved in the day-to-day operations of your business (otherwise you’ve just bought yourself a fairly low paid job, with rubbish benefits and next to no holiday). To achieve this, but still maintain the high levels of service that your clients expect from you, your team and your business need processes.
Think about how much work you have been doing IN the business this year? How autonomous are your team? How clear and easy to understand are your processes? When was the last time you reviewed your processes to ensure they are still relevant and cover every eventuality.
Financial
You’re the boss…so you know your turnover, gross and net profit for this year…right? However to really move your business forward you need to know your finances inside out.
Take some time out now, either by yourself, with your senior team or your bookkeeper or accountant to really understand your business numbers. What is your breakeven – yearly, monthly, daily? How are you debtors and creditors looking? What are your profit margins? Do you have KPIs in place? What is your average sale? Do you need to increase your prices in 2023?
Team
A really great business is built on people. Recruiting the right people, giving the right training and development and rewarding and retaining your people to build a strong and loyal team.
Do you have an appraisal system in place? Is regular training and development occurring? Do you team have KPIs? Do you have a Recruitment Process and Retention Plan to ensure you are getting the right people on board and keeping them!
Technology
Every business these days needs to be embracing technology to provide the best level of service to their customers and to streamline your business processes. Do you regularly assess the technology utilised by your business?
Do you have the most appropriate hardware and software? Are upgrades required or should you switch to a new provider or system? Ensure that your customers and team have no issues with the technology in use in your business and if necessary employ an IT specialist to investigate best practice in your business.
Sales/Marketing
The lifeblood of any business is an effective Sales and Marketing Strategy. Review your Strategies at least one a year. Are your current methods working? Have you been testing and measuring to ensure success.
What new opportunities are there for your business? Are there new markets, audience or marketing or sales strategies that you could employ to get better results? ActionCOACH has 83 Lead Generation Strategies and a further 83 ways of improving Conversion Rates….do you think you have considered them all?
Once you’ve taken some time out to review these 6 Aspects of your business if you think you could do with some support in one or all of these areas get in touch with my to book a chat in 2023 and find out how I could help.
Or if you really don’t think you have time to check all 6…try my 3 minute quiz to find out what you should be focusing on in YOUR business RIGHT NOW…
