Prepare Your Business for Year-End
Updated: Dec 16, 2021
As the year is wrapping up, so should your business review. The end of the year is the perfect opportunity to look back on your business's progress over the past year and start establishing the direction that you want for the new year and communicate it effectively to your team.
To help you get started, here’s a suggestion for year-end communications.
Debrief and Review Results
In order to improve in the next year, it’s essential to debrief and review the prior year’s results. Focus on the facts and metrics, not the stories, to determine what actually happened. This will help you determine what areas you need to pivot on in the new year.
Once you have the review then use your analysis, update the multiyear strategic plans
and develop the current year’s annual tactics to establish next actions and quarterly objectives.
This is a great time to review your previous budget. Look at areas that your budget might have overspent or underspent. Then create a budget for the upcoming year and make realistic adjustments accordingly. Also, keep in mind any prices increases or shortages that might impact your budget as well.
Additionally, you should review resource allocations and determine what, if any, capital investments should be made for the future of the company.
Part of improving in the new year also requires receiving input from your team. Engage your people in the year-end conversations. Solicit their opinions and challenge them to develop new and fresh approaches for the new year.
Once you have established your goals and collected feedback, make sure to communicate the results to your whole team. We recommend communicating using the One-Page Business Plan and through a full complement of written, visual, and verbal communication tools in small groups, company meetings, and one-on-one.