5 Tips for Your Small Business Year-End Review

 Posted on December 20, 2022 in DuPage County Business Law Attorney

The end of the calendar year is a great time to take stock of your business and plan for the upcoming new year. An end-of-the-year review gives you an opportunity to celebrate the triumphs and evaluate the losses the company experienced in the last 12 months.  Here are five tips to help you get started on your year-end review.

End-of-the-Year Company Review

Building and maintaining a successful business is no easy feat in any circumstance, but the last few years have been extremely hard on small and medium-sized businesses. To stay competitive, you must regularly assess your company for strengths, weaknesses, and areas for improvement and recalibrate your plans accordingly. As you conduct your 2022 end-of-the-year review, consider the following tips:

• Take an Honest Account of Your Business's Performance - As you review your performance in the last year, it is important to take an honest look at both your successes and failures. This will allow you to get a clear picture of where your business stands and how you can move forward in the coming year.

• Think About What You and Your Team Learned in 2022 - Consider what you and your team have learned during the last 12 months. Often, failure is the best teacher. Did you experience any problems or disappointments that forced you to think more deeply and come up with creative solutions? Taking the time to reflect on your lessons will help guide your decision-making in the future.

• Evaluate Your Finances - A thorough financial review is a must at year-end. Look closely at your books and take into account costs, sales, profits, and losses. Are there any areas where you can save or make more money? Your financial review will provide you with valuable information to help guide your decisions in the coming year.

• Set SMART Goals - SMART stands for specific, measurable, attainable, realistic, and timely. Make sure your goals are not so ambitious that they are unachievable. However, make sure you are not underestimating your company's potential while setting goals. Company objectives should also be measurable. For example, instead of "improve customer service," set a goal to reduce customer complaints by 10 percent or to implement two new customer appreciation initiatives.

• Anticipate Future Obstacles - As you plan for the upcoming year, take a few moments to anticipate potential future problems. What is the likelihood that your company will encounter challenges this year? Are there any risks to consider? Doing a risk assessment now can help you prepare for potential problems and make sure your business is ready.

Contact a Wheaton Business Law Attorney

The DuPage County business lawyers at Stock, Carlson & Asso. LLC provide dependable legal support for business owners. We can help you with business formation, contracts, dissolution of a business, disputes and litigation, and more. Call 630-665-2500 for a consultation.

Sources:

https://www.inc.com/marla-tabaka/heres-your-guide-to-a-smart-year-end-businessreview.html

https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/21/13-business-leaders-share-their-best-tips-for-a-year-end-review/?sh=2f98eadd20bc