Everybody looks forward to the end of the year – businesses and the people who run them can shut down, recharge, and take a much-deserved breather; even if for a few days. But before you hang the “closed for the holidays” sign, conduct an essential year-end business review to set you up for a stronger, more prepared 2025.
There are many ways to approach a year-end review, but it does not have to be a long and convoluted process that leaves you and your team frustrated. The major aim of this time is to take stock of your major wins, document your learnings, and lay out a preliminary plan to get you started when you open for next year.
Here’s what to do:
1. Conduct a Business Audit
This is the time to take an honest look at the numbers driving your business across the board. Review financial statements, inventory, and sales reports and compare them with the year’s plans and projections. Was there any progress? Are there any red flags? What did you overspend on, and what brought the most ROI? Have meetings with responsible people if possible to get more context on these details. Having this information will help you make informed decisions for the next year.
P23 Africa offers a free business audit that gives clarity to SMEs looking to strategize toward their goals. Book a meeting with one of our consultants to get started.
2. Gather Feedback from Your Employees
Your team has been in the trenches and might have valuable insights about internal operations and customer interactions. Conduct an anonymous survey or a few one-on-one chats to understand what’s working and what needs fixing. Happy employees equals a stronger business!
3. Compile Departmental Reports
Ask each department to submit a summary of their achievements, challenges, and lessons learned this year – and some of their plans for next year. These reports will give you a holistic view of your business performance and highlight opportunities for improvement. As a plus – it keeps you informed for making strategic decisions.
4. Send Holiday Messages to Clients
Your clients are the lifeblood of your business, show them some love. A thoughtful holiday greeting—whether it’s an email, a handwritten card, or a small gift —goes a long way in nurturing relationships and keeps your business top of mind.
5. Schedule Holiday Content in Advance
Don’t let your business go silent online while you rest – you also don’t want your team to be working during the holidays. Schedule social media posts, email newsletters, or blogs ahead of time to keep engaging with your audience and maintain visibility.
6. Review Your Finances and Renew Subscriptions
Take stock of unpaid invoices, upcoming expenses, and tax obligations. If possible, make early payments or negotiate extensions for your subscriptions to ease your January cash flow. And don’t forget to set a working budget for 2025!
7. Take the P23 Business Health Quiz
Wondering if your business is truly ready to take on 2025? Our Business Health Quiz is the perfect tool to assess your readiness. It’ll give you tailored recommendations to strengthen your strategy for success in the new year.
Closing your business for the year isn’t just about turning off the lights. It’s about wrapping up 2024 with intention, so you can start 2025 with clarity and confidence. Take the quiz today and take one more step toward building the business you’ve always envisioned!
