January is a month where we set goals for our business. However most businesses forget to evaluate the previous year and determine their benchmarks based on past performance. In fact business yearend reviews are more pre dominant in a corporate environment. Given the current times small businesses today are starting to tap into this goalsetting tactic.
Here are 7 areas to consider when creating a business review:
- Business Metrics – These are statistics that tell you the facts about how your business is performing. This includes your profit margins, expenditures, budgets as well your business performance outline.
- Reporting Metrics- This includes report and measures on the daily operations and the resources that track your operational performance.
- Goal Metrics – This evaluates your goal set from the previous year, what was accomplished, what wasn’t accomplished and what accelerated or prevented you from achieving your goals. This is also where you would set benchmarks for the current year.
- Highlights and Challenges – This is generally everything you achieved successfully as a business and where you struggled.
- Comparison Metrics – This is a newer benchmark where you compare vital statistics with recent years to identify trends.
- Resources for the year- This is where you identify the resources you need to help you drive your business to success in the future
- Business Plan | Annual Marketing Projection Calendar – This is now where you start to map out your calendar of events for the year.
By applying these strategies you are better equipped to handle your new business year. An in depth business review is vital if you want to stay ahead of the game!