An annual business review is a valuable way to evaluate the effectiveness of your efforts.

While many bosses do annual employee reviews, they often overlook the value of a business review. A year-end business review provides an opportunity to see where your organization stands—the wins and the losses—and helps chart a path for the future. Here are three tips for conducting a basic review.

Celebrate your accomplishments

Year-end reviews are a prime opportunity to look at everything that went right this year. How did performance measure up to your KPIs? Celebrate your accomplishments and acknowledge team members’ contributions to the successes.

What could have been better?

Every business has stumbles and sometimes even failed projects. While it may be tempting to just move on and forget them, mistakes provide valuable opportunities for insight. Identifying the reasons for a problem can help your business avoid repeating it and find new solutions.

Look ahead

Identify practices that should continue to build future success. Also, take stock of market conditions and how they might affect your plans.

Asking your entire team for input helps everyone align on common goals.

If you don’t already, schedule quarterly reviews to look at what’s working and what could be improved as you move through 2024. As part of your quarterly review process, seek team input to encourage continuous feedback.

When you conduct annual business reviews, you’ll create a valuable record that can help you see long-term trends and shape your strategy from year to year. And when you find that your plans require extra cash, talk to us about a business line of credit.

 

All loans subject to approval. Rates, terms and conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions. Federally insured by NCUA