Tips to carry out a successful end-of-year business evaluation

Tips to carry out a successful end-of-year business evaluation

It is no secret that 2022 has been termed a `hard, difficult’ year by many entrepreneurs being that many had to close businesses and downsize, all effects of COVID-19. 

Even in the midst of trying to revive businesses, there is a need for business evaluation. Today we share tips for you to successfully evaluate your business and plan better for 2023.

  • According to Fortune builders, start by building an agenda that clearly states what you want to achieve: list strategic goals, day-to-day steps to achieving those goals, etc. This allows for a comprehensive overview of the business, its systems and its process.
  • Create a questionnaire with questions that the team can address. For example: What were the biggest accomplishments and disappointments in 2022? Areas for improvement, what new roles can members take on? These types of questions inspire critical thinking and in-depth analysis.
  • Review the positives first by listing the first 3-5 accomplishments in the year. Identify what went well and the steps taken to get the results. This will inspire and motivate the team to plan for the new year. 
  • Review the year’s goals and identify the goals that were not achieved. List them out and ask whether or not they should be carried forward into the new business year or not. It also helps to identify why the goals were not achieved in the first place and what improvements can be done. Businesses evolve and so do goals. 
  • Set new and long-term goals for the business. There is a need to reset goals that align with the new phase of the business after the review process. In addition, set realistic timelines to achieve these goals. This will ease tracking for accountability.
  • Keenly identify potential hindrances to the achievement of your goals and recommend ways to mitigate them. This saves time, money, and effort.
  • In conclusion, identify three goals to start within the new year. Rally resources around them and involve team members to accomplish the set targets. Follow up and remember to review your goals quarterly to keep you on track and make adjustments where necessary.