How To Prepare An End Of Year Business Review

How To Prepare An End Of Year Business Review
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The end of the year is an excellent time to contemplate the past year and set goals for the future. It’s a great practice  for businesses and individuals. As we end of 2022, it’s time to prepare your annual business review. Here’s how to prepare an end-of-year business review.

How To Plan An Annual Business Review?

An end-of-year business review is a fantastic time to reflect on the past year and prepare for the next. Plan your annual business review toward the end of each year and allow additional time, as it can take longer than you expect. It is recommended that you plan out several meeting times to ensure a well-rounded review.  

What Should A Business Review Include?

Your business review should provide a recap of your entire year. That means it needs to include the good, the great, the ugly, and everything in between. Here are a few things every business review should include are:

No matter what, these details should be outlined in terms that are measurable and easy to track going forward. 

5 Steps To Preparing Your Year-End Business Review

  1. Answer the essential questions. When you begin your year-end business review, have a list of questions you want to answer during the review process. These may include questions about finances, customer happiness, achievements, setbacks, employee satisfaction, and more.
  2. Analyze past goals and their outcomes. Be sure to spend a reasonable amount of time analyzing the outcomes of the previous year. What did success look like? How were adverse effects handled, and could they have been avoided? Understanding why past objectives did and didn’t work will help set better goals for the year ahead. 
  3. Establish goals for the coming year. Once you’ve gained an understanding of the successes and challenges from the previous year, you can better create goals for the upcoming one. The most effective  goals are realistic, measurable, and time-bound.
  4. Select the relevant data metrics for goal tracking. Tracking the progress of your goals is essential to understanding if you’re on track for success. That’s why selecting the relevant data to measure progress is critical. Dedicate time to choosing the best metrics to track your goals.
  5. Identify any obstacles. It’s always better to be proactive rather than reactive. If you can anticipate any possible obstacles to achieving your business goals, you’ll be better prepared to navigate through them successfully should they occur. 

Professional Support for Your Annual Business Review 

Whether it’s your first time creating an annual business review or your fifteenth, having a professional advisor can always make the process easier and more efficient. The Williams Rogers Company has over two decades of experience helping small and medium-sized businesses in Southern California transforms businesses from ordinary to extraordinary

Schedule a time to work on your end-of-year business review together. Call us today for your business advisory services at 888-297-3321.