Tips & Resources

Your Year-End Business Review

Your Year-End Business Review

With 2019 right around the corner, many of us are taking the time to look back on the last twelve months and make New Year’s resolutions. While this is the perfect time to celebrate successes, revisit our shortcomings, and develop a plan, don’t forget to complete your year-end business review. We’ve put together some suggestions for this process.

Prep Work
Before you can evaluate your business year, you’ll need to do a little prep work. Ask yourself these questions:

  • Have you worked through this process in the past? If so, use your most recent evaluation as a road map. Keep what worked and adjust or eliminate what didn’t.
  • Did you set specific goals for the year? Review your progress and include the results.
  • Who else should be involved in the review process? Schedule a time to meet with these key players for their input and assistance.
  • What components or performance factors of your business should be assessed? Make a list of these items.
  • What tools do you need to gather and compile information? Do you have access to these systems or databases, or will you need assistance?
  • What does success look like for your business? How do you define failure or disappointment?
  • Who will benefit from seeing the completed evaluation?
  • What format will you use to share the information?

If you don’t already have a year-end report template, a quick online search will generate a wide variety of options and resources, many of which are low-cost or free.

More than Numbers
When looking back, it’s important to remember that many of your successes (or challenges) cannot be measured against the bottom line. From customer and employee satisfaction to a sense of accomplishment and pride for a job well done, these “softer” elements are just as important as your profit & loss statement. Include specific examples in your assessment, such as client testimonials, a social post with excellent engagement, or even a negative review and the company’s response. All of these can illustrate growth.

Keep it Simple

You can very easily find yourself in too deep when reviewing analytics and stats. Try to keep your assessment at a broader, less complicated level. Schedule a separate time to dive into specific reports or departments after you’ve completed your year-end overview.

Share Your Results & Celebrate Your Team
Don’t keep the year-end evaluation to yourself. You’ve worked hard, and you should share the results with others. Celebrate your successes with your hardworking team and inspire them to grow in the new year.

The Bank of Elk River offers a wide range of products and services to help your business succeed, including business financing, online & mobile business solutions, checking and savings accounts, business resources, and more. Our experienced business bankers and commercial lenders strive to exceed your expectations every day. They get to know you and your business to best serve your needs.

Contact us today. We’ll help you make the most of 2019 and beyond.

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