Woohoo! Can’t believe it’s the time of the year again and we are about to complete the circle of 365 days. But with the ending year and the chilling vibes, there is one most important thing that every entrepreneur finds difficult to drag their feet into is creating the annual review for the company.
For all the business owners who are finding ways to avoid this daunting task, here is a basic action plan that can help you evaluate your yearly performance as a company easily.
● Organizational outputs in terms of productivity and innovation
For an organization to keep up the pace of business growth, being innovative and bringing in something new out of the company to present its uniqueness in the market is really important.
As a leader, you should have a record about what new you are giving to the market with such a great workforce and how you can use this to sustain the position that you are holding.
Ask your managers to report to you about what new have they done during the course of the year. Evaluate each section based on their ideas, meet them to apprise them and tell them that you expect some extraordinary ideas for the coming year.
● Interesting people that got added
It’s time to appreciate the new talent that got added in the company and make them feel valued. The members working for you are well aware of the culture and the vision of your company, but it’s time you make a record about what the newbies have done.
Find out how interesting they are to achieve what they are here for and how it is adding value to your company. There might also be some really creative clients that might have added in the year, relate how these new clients and those new employees can help you establish a long term-earning with their proper collaboration. Make changes in the team building program by reviewing people’s response on your effort to make a happy workspace.
● Increase in revenue
You might be keeping a continuous record of your earnings, but as it is the year-end, checking up on your revenue numbers becomes crucial. Examine the fluctuations in the numbers during the year, match your final number with the goal you have set to achieve this year.
List the areas that you could have worked more or might have missed that could have bring-in to you a great amount. Revise your pitch emails based on the information. Find the prospects that could work with you again the next year to sign some new projects.
As every annual evaluation plan involves, taking notes of the achievement during the year is what every employee, managers and the heads are waiting for. Working together as a team for a year to achieve common goals and listing this achievement at the end of the year is like announcing the final result of the efforts that people have put in.
Look back into the year, list the biggest achievements that you have achieved as a team, company or even on a personal basis. It could be anything, from getting a big client or great funding to your product earning the highest ROI and awards for its innovative idea.
Behold the number of success and aim to achieve more for the next year.
● List the areas you failed
There can not be always good and happy moments that cross you during the process of growth. But sometimes you have to face the failures to step up the ladder of success. Evaluate the areas where you failed. Find the reasons behind them.
This failure can be anything, like a loss of client due to late delivery, or a bad investment decision that cost you in bucks. It could even involve the wrong selection of a candidate that left you in the middle of a project. Collect all the setbacks of the year to find the areas of improvement for 2020.
● The people that helped you
Finally, it’s time to remember the people that helped you achieve the goals you have set for the year. Whether it is a friend, a family member, your staff or your client, it’s important you show your gratitude and make them feel that their efforts are not being unnoticed.
Your small thank you message will make people want to help you again in the future and build a good relationship as they know you acknowledge their sacrifice, their efforts and their contribution.
● Set goals for the upcoming year (2020)
Study the data you have collected with the above information, analyse the things gone wrong and right in the year and how you can revise the business plans to create a new one.
The new plans might be an assumption for now but could surely help you get prepared to start the new year with great energy as you are ready with all your backup-plans.
Other smart moves to be taken
- Make some business purchases that can help in tax deductions in the coming year
- Check out the new management tools to replace it with the old ones
- Keep a track on the license renewal dates
- It’s time to organize your database, remove old and useless contacts, update the duplicate contacts and create space for the new contacts.
- Plan a team outing for an annual closure
With the ringing bells of Christmas and the celebrations moving to its climax, the time for wrapping up the year by the correct evaluation of each of the aspect of the business becomes a mandatory task for the business holders.
By following the above guidelines and with an effort to review the accomplished year (2019), you can make a good and effective plan for 2020. Take all the positives of the year and with the planning to overcome the negatives get ready to enter the next chapter with a big smile and enthusiasm.
Author Bio :
James Vargas is an experienced business expert, consultant, and manager at Get Everything Delivered, a business consultancy service. He has 1.5-decade corporate experience and is tailoring the best project delivery practices to the start-up owners based on his knowledge to solve start-up business problems to great revenue for their business.