How an End-of-Year Business Review Helps You Plan Your Next Year
As we approach the end of the calendar year, surrounded by the hustle and bustle of Christmas celebrations (and looking forward to a well-earned break), it’s the perfect time to reflect on the past 12 months.
Carrying out an end-of-year review may seem like an extra task, and it’s easy for it to get pushed down the to-do list, especially when hurrying to wrap up deadlines in time for the festive holidays.
However, making time to take stock of where you’re at can be incredibly beneficial. It can even improve your future planning. Here’s how…
Why is reflection important in business?
As a solopreneur or small business owner, you may feel like every day is a bit of a scramble. While it’s rewarding, there’s always another task that needs doing, whether it’s clearing your email inbox, heading to a networking event, or navigating your tax return.
Clearing an hour or two to carry out an end-of-year review can bring incredible value, offering a chance to:
See what worked
Noting down things that went well can help you do more of the same in the upcoming months. You know what they say: If it ain’t broke, don’t fix it.
Celebrate your wins
Likewise, reflecting on your successes gives you the opportunity to see how far you’ve come, which can be a fantastic motivator. Celebrating milestones can remind you that you’re always making progress and that you can continue to do so as the next year rolls around.
Evaluate what could be improved
By the same token, an end-of-year review allows you to identify areas for improvement. What challenges did you face, and how can you work through them next year?
Set goals for the New Year
December is a brilliant time to set business goals. By looking at what you’ve learned in the past 12 months, you can refine your intentions and put plans in place to reach your next target.
As with any business goal setting, remember to keep them Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART). For example:
| Reflection from the past year | New goal |
|---|---|
| Sporadic social media posting with no clear strategy. | Create a three-month social media calendar, then create and schedule two posts every week for 12 weeks. |
| Spotted funding opportunities but didn’t get around to submitting them on time. | Set aside an hour each day for a week to write a grant application and submit it at least three days ahead of the deadline. |
| Feeling somewhat isolated working from home, and wanting to increase client numbers. | Attend one networking event each month for the year to connect with other freelancers and meet prospective clients or customers. |
| Experiencing burnout from working long days with no screen breaks. | Set a regular midday alarm to remind you to take a 30-minute lunch break every day of the working week. |
Find opportunities for delegation
Looking back at the past year can also highlight areas you might benefit from support in. For instance, if keeping on top of emails and invoice admin was challenging for you, could you outsource it to a virtual assistant to relieve pressure and free up time to focus on other parts of your business?
Tips for your end-of-year review
To help you get the most out of your reflection, here are some actionable tips.
Create the right setting: Clear your desk, get yourself a cup of tea or coffee, and sit down to focus in a calm setting. It’s easy to get distracted, so intentionally creating a reflection space can help you gain more clarity as you reflect.
Write it down: Whether you prefer to use a laptop or pen and paper, the act of writing down your reflection and goals can help solidify your thinking and give you something to look back on.
Start with a broad overview, then narrow down: It can be helpful to first sum up your year in a word or phrase, then break down your reflection into more specific areas of focus.
Share your thoughts: Do you have a business partner or team? If so, sharing your reflection and asking them to think about theirs can be valuable in bringing everyone together and ensuring your goals for the next year are aligned.
If you’re a freelancer who works solo and feels comfortable doing so, you might want to share your reflection with a partner, friend, or business connections. You may find that voicing your thoughts helps reveal new elements and that other people share similar experiences.
Reflect, and take your business planning to the next stage
No matter what industry you work in, remember to celebrate the fact that your business has grown over the past year.
A little reflection goes a long way toward shaping your future plans. So take a moment to review the last 12 months, think about the highlights, challenges, and lessons, and see how these can guide your next steps.
For more freelance and small business advice, take a look at our full collection of blog articles. And if you need a hand with content creation, admin, email management, or neurodivergence support, see how Bizzybee virtual assistant services can help.
