Time for an end of year business review?
Rose Kennedy, mother of John F Kennedy, said that â€œMore business is lost every year through neglect than through any other causeâ€
For many businesses, Christmas will provide an opportunity that should not be neglected – an end of calendar year review.
With a whole quarter still left for the end of the fiscal year, it would be prudent to review the following (not a comprehensive list) with your Business Adviser and Accountant together:
- How has the year to date compared with last year?
- How does the cash flow look?
- What is the current Balance Sheet position?
- What are the our Tax Strategies?
- Is additional financing required?
- What is the current value of your business?
Sales & Marketing
- What are our customers thinking of us
- Who are our key customers
- What have we done well and poorly
- How can we do more for our customers?
- What products and services sold well, which performed poorly?
- How is our sales and ROI performance compared with last year and the goals we established?
- What is our pipeline for the next quarter and 12 months thereafter?
- How do we compare with the competition?
- How will the legal, social, environmental, technological and political market forces affect the business?
- How are our employees doing?
- Are they aware of our business strategy?
- Have we canvassed their ideas or opinions?
- Do we have the right mix of skillsets to support the business strategy quarter and the 12-18 months beyond that?
- Have we recognised their achievements?
- What training and career development do the employees require?
- Has our target marketplace changed?
- Is our USP still valid?
- Is the organisation structure robust to support the business?
- Does our infrastructure and processes align to support the business over the next 12 to 18 months?
Based on the review of the above, you should be in a position to publish a revised strategy, which will set and communicate amongst other elements:
- Business Vision
- Organisation Structure
- Business Plan
- Stakeholder (Internal and External) Map
- Sales & Marketing Plan
- HR Plan
- Targets and Key Performance Indicators
The critical thing about your review is to be honest and where the value of working with your business advisers is immeasurable.
This article started with a quote and so shall end with one – from Warren Buffet:
â€œIn the business world, the rearview mirror is always clearer than the windshieldâ€
For more information about how we can help your business, get in touch here.
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