There are many different approaches to writing an annual review for a business. The approach you take will depend on several factors, including the type of business you have and what your goals are. But, regardless of what format or style you use for your business review this year, there are some things you can do to make sure it helps you be more successful next year.
Putting together a business review, just for the sake of seeing what you have accomplished, isn’t enough. You need to create a business review that will help your business grow and develop moving forward.
Creating an annual review should be an exercise that helps you recognize opportunities and find solutions to problems that are holding you back.
First, how far has your business come in the last year? Recognize the successes you have had, including both internal and external successes. For example, maybe you were able to add team members to your business or maybe you reached record sales this year.
Include all the successes you can think of, even if they seem relatively small. The point is to be able to recognize how far your business has come in the last year. Then, as you review this report at the end of the next year, you’ll be able to see even more growth.
Recognizing your successes will help you see what you do well and what your business is good at. This will lead to future successes because it will help you understand what you should continue to do next year.
There is always room for improvement. In your annual report, it isn’t necessary to include every failure you had this year, but it is important to take note of goals you fell short of meeting. The point behind goals is to get better, and you can’t get better unless you realize what you need to do to improve.
It is also important to note major shortcomings in your business. If you didn’t make enough sales to make a profit, you should note that. Or, if you had so much business that your team wasn’t able to manage it all, take note of that.
When you know what your shortcomings are, you can start the new year more prepared and know, right away, what you need to improve next year.
Assess Processes and Strategies
Assess the processes and strategies you are using and determine if they are benefitting your business or if there are things you can be doing better. Look at how you approach sales, marketing, accounting and all other aspects of your business and try to evaluate them objectively.
For most businesses, these processes and strategies become habits. They do something a certain way and continue to do it that way, without stopping to make sure it is still effective. This is your chance to assess the effectiveness of these things.
Compare Your Business with Industry Trends
How does your business measure up to industry trends? Is it keeping up with current needs? The most successful businesses recognize that they need to change and develop as their markets, technologies and industries change.
Part of your annual review should be an assessment of how well you are keeping up with industry trends. Be sure to note any improvements you can make and any actions you can take to remain relevant in your industry.
Include Recommendations for Next Year
One of the most important things you can add to your annual review is recommendations for next year. Use all the information from the sections discussed above, and then clearly outline a set of recommendations that will help your business improve and become even more successful.
If you aren’t sure what kind of goals you should set or how you can be more successful, work with a business coach. I work with people to help them make their businesses and residual income strategies more successful, so contact me for help.
Writing an annual business review, or taking the time to review and ponder your progress and performance, is a vital part of business development. When you include these sections in your review, you will find ways you can improve and will have the beginnings of next year’s business plan.
If you would like to learn more about how you can be a more successful entrepreneur, business owner or network marketing professional, contact me. You can also connect with me on Facebook for more business tips.