Did the business accomplish all its goals? If so, great! How do you replicate and exceed that for this coming year? If not, what do you have to do differently to change the outcome for next year? There are many facets of business that should undergo review. Ask yourself these questions to get started:
1. Marketing
Year-end is a great time to review your marketing plans and retool what is needed. To figure out if your plan is working, ask yourself:
* What are our strategies for driving revenue?
* Do they work?
* Who are our customers?
* What do they want?
* What segments are we targeting?
* Is our advertising effective?
2. Operations
Every business will have different measures to analyze the effectiveness of their business operations. Here some questions you should ask:
* Are business operations as smooth as they should be?
* What can be done to improve our systems?
* What are our profit margins?
* How do they compare to prior years?
* Is the company as efficient as it can be?
* Are there expense controls in place?
* Do we have reliable suppliers?
3. Human Resources
Having great employees is key to moving your business to the next level. Some questions you should ask are:
* Do I have the right staff?
* Are they all performing to the best of their ability?
* How are we keeping our best employees motivated in the New Year?
* Have we identified key prospective employees as bench strength?
* Would a restructuring of assignments or a new hire help shore-up any weak areas?
4. Financial Health
Lastly, the financial health of your company should be assessed.
* How is the financial health of the company?
* Do we have sufficient capital?
* Is our healthcare plan adequate? Read our earlier blog post on how HSA plans can help.
* Do we have retirement plans in place?
* Do we have the right financial team in place, both internally and externally?
I found this info in my notes, but can't find the source. If anyone knows who should get credit for this article, please let us know!
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