Often, people plan their business goals for the year ahead, however, not everybody takes the time to review what’s happened for their business over the past year. There’s a lot to learn about business through research, attending courses and talking to leaders in your field. Yet it’s your own experiences that teach you about the challenges your business is likely to face and how you can best overcome them. An annual business review helps you to determine how well the year went for your company so you can use that knowledge to plan for the year to come.
How Do I Carry Out My Annual Business Review?
It’s isn’t as difficult as you might imagine reviewing your company’s progress during the year. There are just a few questions to answer that allow you to reflect on your challenges and progress:
Did your business make as much progress as you expected this year?
Were your business goals for this year met?
What did your business achieve? It’s important to note all achievements, large or small. Something as impressive as having exceeded revenue targets, or something as apparently insignificant as keeping the website up to date.
How were those things achieved? You should think about all the strategies that you used. This will help you to learn what works well for you so you can use those strategies again in the future.
What did you fail to achieve? Did you set yourself goals at the beginning of the year that remain unmet? Why is that the case? When you know what has prevented you from meeting your goals you can learn how to avoid making those mistakes in the future.
What was your company’s greatest success this year? How did it achieve this success? What can you learn from this that can be applied to projects in the future?
Which were the biggest frustrations you faced? What went wrong for the business this year? How can those issues be avoided or mitigated next year? You may need some extra help with the elements of running your business and Corporate Business Solutions can assist with this.
Noting the Key Business Information for The Year
Once you’ve answered the questions above, it’s time to note the following key information for your business this year. When you have metrics that you compare year after year, you can quantify the impact that your hard work is having on your company’s overall success. Some of the metrics you should be recorded on an annual basis include:
- How many customers did you have this year?
- How many people visited your website?
- How many people subscribed to your email?
- How many new followers do you have on social media this year?
- What was your company’s total revenue for the year?
- What were your business’ total costs?
- What were your profits this year?
Once you start noting this information down every year, you will be able to determine the differences between one year and the next. You’ll also be able to correlate your successes and failures with your differing business strategies. This will inform your business planning for the year to come.