It’s nearing another year end. (How does that even happen?)
If you own a business, you probably are working your tail off and think you have no time to sit down and review your business goals. Wrong!
Every business owner needs to take time at the end of each year (or beginning, depending on when you’re the most busy) to evaluate how the past year went, how many of your goals you’ve achieved, and what your new goals will be for the coming year. And if you’re not a small business owner, these items can also be a great way to evaluate events from the last year and determine how well you reached your goals for each one.
With that in mind, we thought we’d lay out a few items that should be on your year-end review checklist.
- Review the goals you set for this year. Did you reach them? If not, how close did you come? Do you see any opportunities that you missed this year but can take advantage of next year? It’s important to do this kind of review, because you need to be sure you’re moving in a forward direction with your business. Plus, it just feels good to realize all you’ve accomplished.
- Review budgeting and revenues. Most business owners pay some attention to revenues. And as event planning professionals, you probably spend oodles of time budgeting for events. But don’t forget to budget for your own business, too. Look at your competition and see if there are things they’re doing that you haven’t accomplished yet. Are they spending time on social media or money on marketing their business? Are you keeping up with the competition?You can also ask yourself what your clients might need that you haven’t yet provided them? Asking them what’s most important to them, and how you can make it happen is a great way to increase opportunities while giving great customer service.
- Review your operations and employees. Are you running as efficiently as possible? Are there areas in your business that you could streamline or consolidate? After a while, the day-to-day of your business might get muddied with clutter that really isn’t necessary. By reviewing your efficiency, you can eliminate things that might be inhibiting growth due to time constraints or other issues.The end of the year is also a time when companies will typically do employee reviews. It’s important to schedule regular employee reviews, even if it’s not at the end of the year. One of the biggest employee complaints is that they don’t know what their boss is expecting of them. By doing regular reviews, you can discuss the business goals and give encouragement in areas where they shine.
There are so many parts and pieces to owning your own business. This checklist is by no means comprehensive. We’d love to hear what’s on your end-of-year checklist, so please share it with us on Twitter @planaheadevents.