Congratulations on making it to the last week of the year! The end of the year is for winding down on business activities, reviewing performances and plans for the upcoming year.
The holidays can be tricky for business leaders, who usually find themselves torn between joining the year-end festivities and preparing for the next business year.
These end-of-year business tips are helpful and practical for business leaders to finish the year on a good note and prepare for the new year – so you can finally take a well-earned break.
1. Review your financial reports
Your financial reports/statements will tell you the financial strength of your company for the year in review. This should cover income, expenditure (staff salaries, rent, utilities, advertising and branding expenses, etc should be included), loans and tax documentation.
Compare the financial records of the current year to that of the previous year to track growth and keep optimising what’s working.
Simply put, what is making your business profitable?
2. Evaluate your systems, operations and procedures
This is a great time to review contracts, licensing agreements, technology, staff, etc and make updates where necessary. A comprehensive SWOT analysis is timely at the end of the year.
Review your metric system and success indicators to reflect the changes observed within the year. These metrics could be your leads, website visitors, orders, downloads, subscriptions etc. Identify positive patterns and be honest about the negatives.
Buy/replace pieces of equipment that will yield more revenue in the incoming year.
3. Take stock of your goals
This is a good time to review the overarching goals for your business from the beginning of the year. Identify shortfalls and the reasons for those, and restrategise as you set actionable goals for the upcoming year.
4. Celebrate your wins and star players
There is nothing wrong with giving yourself and your team a pat on the back for a job well done. Rewards are a morale booster for your staff and make them emotionally invested in the business.
Reward loyal customers too with strategic gestures that will create a deeper love for your brand.
5. Conduct a survey
There is no better way to collect honest feedback, responses and opinions from your customers than conducting an independent survey. Consumer intelligence helps you to identify what strategies are working and how your market responds to your business initiatives.
At Survey54, we give businesses access to real-time and objective opinions from across Africa and other emerging markets. To get started, simply create quick, self-serve surveys for different demographics.
Create a survey here.