Key areas to review in your business at the end of the year

The end of the year is the perfect time to step back from your business, put on your CEO hat, and take the opportunity to review how your business has been working for you.

I wanted to share with you the 12 areas of my business that I review at the end of each year. This is a thorough review so do set aside plenty of time to work your way through the questions I’ve set out.

1.  Review your long-term plan

Review both your annual and your long-term plan. How have you gone? Do you need to change direction next year?

What needs to happen in teams of staffing to reach your long-term goals? Do you need to step out of business more so you can spend extra time in your CEO role?

My long-term plan is a 5-year flexible plan. It’s flexible as a lot can change from year to year so I want to ensure I could vary my plan when I need to.

If you’re likely to reach the GST threshold next year then read this blog to help you prepare – 5 key points to consider when you register for GST. 

2. Review your legals

Do you have any legal areas in your business that need reviewing? Were there any that you meant to get done this year that you didn't have the time to resolve? Consider if your contracts with staff, suppliers or clients need reviewing.

Also consider if there were any changes in your industry, or in the countries you operate in, which have triggered the need to review your legals. For example, when GDPR (General Data Protection Regulation) came into force in Europe, many businesses around the world had to review their privacy policies and how they managed data they collected.

3. Product and service development

Are there any new products or services that you want to add to your business next year?

Are there any that need to be dropped or revised in some way?

4. Review budget

Review your annual budget to see if you achieved that budget for the first six months of the financial year, given what has happened so far.

Is there anything that you need to update in your budget for the next six months to make it more achievable or realistic, especially when it comes to your expenses? Have you invested in any IT upgrades or stopped using any software? Did you make any other investments, e.g. training, that weren’t in your original budget?

5. Is your team management working well?

Are there any areas that need attention when it comes to your current team members?

How do you manage communication with your team?  There is the practical – do you use email or slack – and there is the personal - is your communication style the same as the rest of your team? Is there anything that needs to be explained, or explored, with your team so you can all work to your best ability?

If you have a remote team, how do you celebrate their successes and the business’ successes? What can you do to make sure that everyone feels like they’re part of the team, even when they’re miles apart?

Does your onboarding of new staff need to improve? Were there any gaps that you noticed the last time you bought on a new team member? Are your contracts up to date?

6. Do you or your team need training?

Review if there are any gaps in your knowledge, or your teams’ knowledge. This could be internal training, e.g. teaching a technical element of the business, or external training, e.g. learning how to create a course or increasing your financial acumen.

7. Review your client management

Are there any parts of your clients’ experience that need to improve? This review could be in any part of the client journey, from onboarding to delivery to the wrap up of services.

Are there any reviews or testimonials that you could collect or use? Always get permission first!

How do you maintain communication with your clients? This will depend on your business services, e.g. do you have clients who come to you annually like I do (to have their end of year accounts and tax returns done). Perhaps you have clients who have regular monthly appointments with you?

8. Review your systems

Are your processes documented to the level they need to be? Do any need a more in-depth review?

If your team are constantly asking you questions, or you feel that they’re not doing the job to the level that you expect, these can be signs that your processes need to be updated.

Do any of your systems need reviewing or streamlining, e.g. the system you use to onboard your clients? Are your team members using your systems in the way you intended? Why or why not?

9. Review your technology

Is there any technology that hasn't been working well in your business? What has caused the issue? For example, an old laptop may need replacing or staff may need more training on a particular software.

Do you have software that you’re not utilising to its fullest extent? What kind of training needs to take place?

Are you paying for an expensive plan that you're not using?

10. Review your marketing

Ask yourself what worked, and what hasn’t worked, in your marketing this year.

Were your email open rates and click through rates what you expected? Which social media posts got the most engagement? If you don't have these figures in an easy to find place, this is a system to add to your improvements for next year.

How will you use this information to plan for the next 6 months?

Also review your social media presence and your website to make sure they’re up to date in terms of any price changes or language that you use.

11. Review your insurance

Do any of your insurance policies need reviewing or updating? Do you have workers compensation in place? Does it cover everyone in your business that it needs to?

Do you run your business from home?  If you do have you checked that your home insurance will not be voided because of this?

12. CEO time

We get so busy doing the work that we forget to put our CEO hat on. Do you have time set aside to regularly focus on the direction of your business, as well as celebrating your successes along the way?

That was a lot of questions! Well done if you made your way through them all. Although you may feel like doing this kind of review is a lot of work, it becomes easier and easier over time as the core foundations of your business get stronger and stronger.

If your review highlighted areas of your business that you’d like to improve, book in a 20-minute call with me  to discuss how I can provide the support you need.