Reflecting On Progress Is Essential In Business, But How Is That Executed?
If there’s one thing entrepreneurs and business owners are used to, it’s platitudes. Platitudes can feel good to say and repeat, but if they offer very little worth outside of a nice moral feeling, then there’s rarely any utility to it. We can see just how many platitudes surround entrepreneurialism, small business ownership, and leadership by spending five minutes looking at entrepreneurial quotes on Instagram.
However, some of these insights can be worthwhile, only they rarely offer any depth. So, let’s discuss one of the most commonly considered principles – that of being able to adapt and change in business to stay relevant. As the quotes we may read often say, reflecting on progress is essential in business, helping you make better decisions as you move into the future. That much is clear.
But how could someone execute such an outcome? When the year is over, how can we gather our results and consider how to move forward? Well, instead of racking your brains while you have so much else to do, let’s consider some of the principles and tips we’ve outlined below. We hope that can make the review process that much easier to deal with going forward:
Going Over Your Accounts
The annual financial accounts management is absolutely essential, and must be conducted to ensure every bit of compliance is met, that your books are balanced and that you prepare for tax season. With a worthwhile accounting service, outsourced and ready, you can make sure this collated information is appropriately documented, calculated, and planned. Here you’ll also be able to see where certain investments may have borne fruit and where else your assets may have been wasted.
You’ll also be able to take a refreshed look at some of the assets you own, which are worth the sale, and perhaps how to prevent payroll issues you may have had from ever occurring again. Without a final verification of your bookkeeping, you can never be certain if your progress is verified and will provide a good base for next year.
Consider Your Reviews & Customer Reports
Customer feedback can provide some real kernels of wisdom, provided you can look through some of the criticism that has no substance. What are the main issues that have been raised, and how have some used your feedback form to voice their concerns? Perhaps you ran a trial for your monthly subscription service, but 40% of the subscribers canceled before the month’s trial was over.
How can customer retention be established? With reviews, surveys, and feedback encouraged (and perhaps incentivized by providing promo codes)m you can get a clearer picture of how each customer felt and what their experience was with you. If there are no comments, we can assume that’s acceptable news, as not every customer will become a loyal buyer.
Your Own Progress
It’s good to review how you’ve changed since becoming a business owner. Write down what skills you felt you’ve learned, where your weaknesses lay (such as disciplining staff), and how you might like to improve next year. Practice thorough acceptance and honesty, but also give yourself some credit. If you’ve worked hard, have shown up most days, and really tried to bring value, it’s important to recognize that getting a business to the first year mark and surviving is hardly an easy task. This may sound like an unacademic means of reviewing the year, but too little do owners try and put themselves to task like this. It will help you avoid falling back into bad habits.
With this advice, you’re certain to reflect on business progress at the end of each year, or when it’s most possible to do so.