The end of the year is an excellent time to do a business analysis of your company’s progress. Every company, no matter how small, ought to do an annual review of areas of progress, performance, financials, completion, and strategy for the future of the company. You also want to analyze the things that took a lot of time and effort, but yielded little profit.
When you take the time and do an end of year analysis of your entire business from the day-to-day operations through the financials you will find that there is a lot of time wasted on things that are not worth the time, effort or monies spent. The intention is to know a) how you measured in progress and b) what can you ditch and what can you improve on in the coming year.
Take the time to shutdown ‘work’ and gather your team either virtual or in-house and focus on job duties that were productive and those that weren’t. These team meetings are most productive because each employee and the leadership has an opportunity to identify how to improve their job for best performance and productivity outcomes.
For small businesses and solo-preneurs this will seem like a huge waste of their already limited time, but this is the best investment you can make in your business. The reports and feedback from this analysis will help you and your team set measurable goals for peak productivity. And you will have clarity on how your business is performing.
The reporting from this analysis is important to developing a business and marketing. The information from the analysis will keep you from wasting marketing dollars on products/services that no longer have the luster they once did.
In today’s business without a strategy for success your business has little potential to grow. And without a clear birds-eye-view of your business it is impossible to make coherent strategic business or marketing plans. So analysis and the reports generated are pivotal.
An annual business analysis is a vital took from which you can build your strategic business plan. You may find that what once sold well a few years ago no longer has the same demand. You now have the ability to modify those things that do not work and emphasis more attention to those that do, and create new methods in order to thrive in business.
Seemingly performing an end year business analysis will appear overwhelming. The first time there will possibly be very little information to do measurements other than the financial reports. Do not lose heart, because when you and/or your team do this the first time you will find that this will enable setting measurable goals for next year.
You will conduct mini (30 minute) analysis with your bookkeeper each quarter. This will identify the progress or lack thereof in the time and marketing strategy and if it’s achieving the intended success. You can either tweak the time and marketing strategy or determine if you will discontinue any time and/or marketing efforts into this project.
Conducting this evaluation will become the norm enabling a continuous scrutiny and reporting of efforts. Business strategy analysis is the best investment of your time can make into your business; it has the potential of saving your business.