How can we measure if our business is doing well? After all, there is no metric for success. The answer is an end of year review- the process of which allows business owners the chance to evaluate annual progress, expenditures as well as general performance. Doing so gives them the chance to review previous targets, define future goals, as well as establish new strategies all while documenting the process.
A review’s main benefit is the ability to accordingly plan for the future. Once the overall performance is evaluated, it is easier to determine what has worked well and what needs further improvements. It also allows you to compare previous reviews, giving you a better understanding of your business’ growth as well as providing owners the opportunity to spot forming patterns.
Finally, many businesses also chose to include employee assessments in their end of year reviews, evaluating the team’s performance. While the process can seem nerve racking for many, it is actually a beneficial tool for all team members- promoting communication and providing an opportunity to recognise hard work and dedication.
Here are our top tips for an end of year review and future planning:
- Note down everything
- Keep things dated and organised
- Look for patterns and anomalies
- Define expectations and goals
- Recognise success and achievements
- Always keep criticism constructive
- Be patient- allow time for growth
- Communicate with your team
- Be ambitious but set achievable targets