5 tips to reviewing your business ready for the New Year

20th November 2024

2023 is almost over, but are you and your business ready for 2024?

As a small business owner, I’m sure you’ve consider completing an end of year review. For many, this can feel like a chore, but we know that come the new year, yule (😊) not regret it. So, grab a hot chocolate and a couple of Christmas cookies while we share out top 5 tips to reviewing your business.

1. Highlights of 2023

Take a few minutes to really think back over the last 12 months and pick out some of the business highlights for the year. This could be a contract you won, taking on your first employee or getting your first sale if you’re just starting out. We can be very good at setting goals and planning for the future but don’t forget to celebrate the small wins along the way.  

2. Fundamentals of your business

Rather than just looking back over the last 12 months, spend a little time thinking back over your original aim and objectives. If you have a mission statement from when you started, see if this still lines up with the direction you’re heading. You may find that you are drawn back to some of your businesses core values or realise that they are now outdated and could use a little revamp. This is also a good time to check back on past reviews (especially last years) and see what goals you have achieved and which you have not. If you have not achieved a goal, review the work you put into it, did you just miss the mark slightly or was the market not quite what you expected. You will then be able to decide if this is still something you wish to pursue or if your business has other strengths.  

3. Money time

No one enjoys looking at accounts, but you can’t complete an annual review without looking at the business finances. When looking at the finances, it’s easy to focus on the income you make and how you can increase this, but why not spend a little time instead looking at your fixed expenses. Are there any areas you could cut costs, software you’re paying for but not using or insurances that you haven’t requested new quotes for? Even if you cannot change theses payments now, it’s worth noting them in your diary so you can get a new quote when they’re due for renewal, making sure you’re getting the best possible rate.  

4. Growth

Rather than getting tied up with the specifics at this point, try to look at the business as a whole. Having spent a little time looking back over at your past achievements, you should have a good idea of the direction the business is going. Is this still the direction you wish to pursue or is there another market/audience you could target. It can be beneficial to spend a little time looking at your competitors, what areas are you better at, what could you learn from them? Once you have a general plan, you can start setting your goals.  

5. 2024 goals

Now for the fun part, creating goals for the new year! For any business, it is crucial to set both long term and short-term goals. Remember to keep these goals specific, yes, a goal maybe to increase your turnover but can you specify the clients you want to target or a particular contract you wish to obtain. Goals can also include things such as, getting a set of procedures in place or focusing on customer service. With this sort of goal, it’s important to set yourself a target with a tangible result. For example, your goal could be to improve your customer service and the target is to increase your reviews by a set percentage or reaching a set number of reviews in a 3-month period.  

We hope that these tips will make reviewing your business a little easier and gets you excited for 2024.

From all the team here at 99p Company Formations, we would like to wish you a Merry Christmas and a successful New Year.