Four questions to help evaluate business performance and position your organization for growth in the new year.

While any time is appropriate for evaluating business performance, the end of the calendar year is especially good. By summarizing the year’s activity, you can get a clear snapshot of your organization’s achievements, obstacles, need for change and opportunities for growth. The following questions can help you conduct an efficient year-end review.

What went right this year?

The things that go wrong always get the most attention. But it’s important to take a look back over the last 12 months to see what you and your team did well this year. Identify what initiatives proved to be successful and could provide a foundation for more growth next year.

Is our staff the right size?

As businesses expand and contract, so do staffing needs. Is your team the right size for the workload you currently have or the plans in place for next year? What type of talent might help propel your business to the next level?

Did we have any cashflow challenges?

Every industry has cycles of activities that influence cash flow. Look over your books to analyze any cashflow challenges. Was limited cashflow a result of seasonal changes or a client who didn’t pay? What changes might alleviate this in the future? Consider a business line of credit to help handle unexpected expenses and for working capital.

How did we recognize those who helped make us a success?

Have you recognized the employees and clients who have helped your business thrive and grow? Even if you’re a sole proprietor there are people who help you attain your success. Thank them in writing or in-person and be very specific about how they contributed. Then, put a plan in place to ensure that recognition and appreciation are shown all year round in the next year.

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