”Most people think they lack motivation, when in fact they lack clarity’’ – James Clear
The advice I share in this blog can be applied at any point, but yearly reviews have the most impact within the first two weeks of the new calendar year, when people are in a reflective frame of mind and focused on the year ahead. On this occasion though, it’s the beginning of June and I’m sharing these tips because I’ve just done a mini-review of my business. The reason – it’s my business birthday!! Conducting reviews at key milestones in your business are a good idea too. I wanted to gain a sense of perspective on my achievements and also to congratulate myself on how far I’d come.
So how do I create an effective business review that will pique the interest of my employees, investors and customers I hear you ask?
My best advice is Include only the high-level information, an executive summary if you like. What were your goals at the beginning of the year? Did you achieve them? Include information on your rates of growth and any obstacles or setbacks you’ve had. Then include your goals for the year ahead and how you see the business moving towards those goals. Most importantly – make it visually appealing and easy to digest. Here are my top tips on what you might want to include…
What details should I include for an effective business review?
An effective business review contains these key things:
- Company Overview – This sets the stage.
This section should feature the big picture view of the business – any key investors or decision makers who are shaping the business; a summary of the key offerings, products or services and some detail on the business’ mission, core values and culture.
2. Evaluate the highs and lows from the previous year
Summarise the previous year’s goals and explain why each one was chosen. It’s really important to celebrate your success stories so talk about how they were achieved and showcase any particular highlights.
It’s also important to talk about any challenges or missed opportunities, so highlight them too, with an emphasis on what was learned and what could be done differently in the future.
3. Illustrate your KPI’s and results
These are really important. Numbers tell a big part of a business’s story and are a vital part of any review. What are your Key Performance Indicators? Rates of growth, customer retention or customer satisfaction are really key ones but every business will be different. Consider turning these figures into info-graphics or graphs so your audience can get a visual grip on the numbers quickly and easily.
4. Pinpointing opportunities and forward planning
When you’ve reviewed the previous period, you’ll want to set the scene for next year. Keep and refine any goals that are still relevant or need more attention, or shift them to meet new challenges or market conditions. Define them so you’re holding yourself and your team accountable.
Next, you’ll need to explain how these goals will be achieved. A route to success will help your team stay focused and motivated and show that you as a business owner are willing to invest time and resources to reach these goals. Anticipate any obstacles that might get in the way and how you might overcome those challenges if they arise.
What next?
So, have you decided to create or improve your process to make sure you have an effective business review for this year? It’ll develop over time, but one thing I can guarantee is that by making this a regular habit, you’ll have a fantastic business story to show your progress – a valuable asset for your team and your customers for years to come.
If you’d like to share your experience of the yearly review process or want more information on what to include in your own effective business review, please leave a comment below or book in a coffee chat with me here and we can go into more detail.
