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12 Days Of Christmas: Annual Business Review

You made it! 

The end of 2017 is nearly in sight and you’re still here, still in business. Can we all just take a moment to realise how great that really is?

We don’t do it nearly enough so you’ve my permission to sit back and take a little moment to reflect on how well you’re doing. And, even if you’ve not had the easiest of years in business, you’re still standing. That counts for everything.

Feels good reflecting, doesn’t it?

So good, that I’d like to encourage you to do a little more of it. In the form of my 12 days of Christmas annual business review – a chance to review your business one day at a time for the next 12 days.

I used to do this in one day, but it was a bit much to tackle all in one go. So this year, I’m breaking it down into 12 manageable tasks, and I hope it inspires you to join me.

 

Day 1: Check with staff and suppliers

 

Start your review by making time to check in with the people that help your business run – your staff and your suppliers. 

  • How have they found this year? 
  • What have they enjoyed most? 
  • What feedback do they want to share?

Asking these questions will unearth gems that will not only show you where you’re doing really well as a business, but where you can improve in 2018. 

 

Day 2: Make a list of fist pump moments

 

Write down all the moments that made you feel pride, satisfaction and joy in your business throughout the year.

When did you fist-pump the air in celebration in 2017?

Take the time to write them down today. 

It’s not just about acknowledging your achievements (though a worthy exercise) it’s about identifying what makes you happy in the work that you do.

Beyond profits, these are the moments that will keep you getting out of bed and doing your thing next year and it’s good to know precisely what they are.

 

Day 3: Run your numbers

 

As you near the end of Q4, it’s time to run the data on all your key business metrics.

Start with sales, revenue, and profit/loss.

Then dive into the deeper metrics such as marketing results to get a full picture of this year to date, but also growth/change year on year.

Pull them all together today so you’ve got a clear view of everything that’s happened in your business this year.

 

Day 4: Analyse what brings you the most return

 

Having run your numbers, today I’d like you to ask yourself:

“What is your most profitable revenue stream?”

Sometimes this is very clear, and you may know it already, but I’ve found with a number of clients that interrogating the data unearths a surprise. You may want to also determine which revenue stream is not only profitable but is the easiest or takes least effort/time/resource.

Why?

Because this could be a huge area of growth for your business next year, and worth paying attention to before you get into planning (more on that later). 

 

Day 5: Review your disappointments

 

Some things won’t have gone well for you this year and it’s time to take stock of what they are and why they happened.

I find this one especially hard to do because it’s a little ego-bruising. But, it is always worthwhile and teaches me not to make the same mistakes again. It’ll also keep my senses sharp to similar mishaps in the future so I can do something about them quicker next time.

This is your task today – take some time out to review things that were disappointing for you in your business in 2017.

 

Day 6: Commit to you big three for 2018

 

Today your task is to ask yourself:

“What are the three big things I want to achieve in my business in 2018?”

You might want to look at your big three in terms of:

  • Financially
  • Systematically
  • Personnel 
  • Expansion

Or, any other metric that’s meaningful for your business.

Maybe you want to land a specific client in 2018 or be stocked in a particular store?

Or maybe you want to create an exit plan to sell your business?

Everyone is different, but having your aims in sight will help you focus on making them happen.

Day 7: Set your metrics

 

How will you know you’ve met your goals for the coming year? What will you measure against your big three aims? And what metrics do you need to track to keep abreast of every area of your business?

Take time today to set your metrics and schedule time to check in on them regularly throughout the next year. 

 

Day 8: Carve out time to plan and schedule

 

Now you’ve got a solid view of how you’ve been doing and where you want to go next year, it’s time to carve out solid planning time so you can schedule in key projects and map out things like marketing campaigns.

You might need more time to do this in the New Year, but make sure you clear space in your diary before this year is over, so you’re committed to it.

 

Day 9: Declutter your workspace

 

This is the most cathartic step for me and I hope you get as much from clearing out your workspace today as I do. Take time to organise paperwork, shred confidential waste paper. You can even go as far as throwing away pens that no longer work and the weird random things than end up in your desk drawer and have no real place in your office!

You’ll thank yourself in the New Year when you come back to a fresh and tidy environment.

 

Day 10: Complete any accounting tasks

 

Today, make sure you’ve filed and submitted any key paperwork to your bookkeeper or accountant.

Or, if you do your own accounting, complete the end of year accounting tasks so you’re ready to start the next year free from digging around for receipts or raising invoices. 

 

Day 11: Shut the door on work for at least a day

 

This one is not optional. Give yourself at least one day off over the festive period to relax and switch off from work. It might not be today, but at least one day in the next week or two. 

It’s so important to take time out, otherwise, what are you doing it for?

Go be with friends and family and enjoy yourself. You’ve earned it!

 

Day 12: Raise a glass to yourself

 

Whilst we’re on the subject of enjoying yourself, today I’d like you to raise a glass of whatever takes your fancy to YOU. You’ve done a great job this year and deserve to say “Well Done!” to yourself.

It’s been a great year for Informi too – as we outlined in our belated birthday blog.Thank you to you for being a part of that.

I’d also like to say a personal thank you for opening and reading along with me this year. It’s been a pleasure reporting on key issues and topics for small business owners like me.

I ho-ho-hope you have a very Merry Christmas and the happiest of New Years!

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