What is an end of year review?
In last week’s post, the end of year review is the time for business owners to take a critical look at different areas of their company to see if they met the goals they set for themselves at the beginning of the year.
In order to accurately assess this, you have to take a look at the KPIs and metrics you were measuring against to see if you hit the target mark.
Key Performance Indicators – Every part of your business can and should be tracked through KPIs, and there are multiple ways you can measure your success within these KPIs.
Organizational Chart Review
As you review the different areas of your business this year’s end, do you have the right people in the right roles, with the correct responsibilities?
Employee Performance Review and Feedback
The performance review will give you and your management team the opportunity to identify your employees’ strengths and weaknesses, communicate expectations with the team, review their time spent on certain activities, identify top performers, and increase motivation and engagement.
Feedback from clients is one of the most valuable tools you can use to help improve your business. It can help you identify areas that need work, show you where you can make changes, and provide valuable insights that you can use to improve your business.
Knowing your numbers is an empowering, necessary action that will provide you with information to move forward in your business. When you know your numbers, you can make decisions about operations, payroll, marketing, sales, and more.
Have you considered your retention rates within your business? As you review your end of the year records, take a look at your employee retention rate as well as your client retention rate.
It can be helpful to look back at how you’ve spent your time in their business this year and ask yourself where you can optimize your time in the future.
Take Time To Reflect on Successes and Growth
The most important part of goal setting is reflection, but it’s something that can be easily forgotten. While it’s motivating to determine business objectives and empowering to create an action plan to reach them, you won’t see any growth or progress if you don’t reflect on your journey.
Without reflection, you won’t be able to learn from your mistakes or celebrate your successes.
We love hearing from our clients about their past year and what they hope to achieve in the new one! If you would like to start strategizing for 2023 with us, reach out today. We would be more than happy to help you achieve your business goals. Start HERE.