The end of the year is always a great opportunity to reflect as a business owner.
Even though 2020 wasn’t the year that everyone expected, it doesn’t mean that reflecting on the year is a wasted opportunity.
Here are 3 ways to reflect on your business this year.
1. What Areas For Improvement Has 2020 Exposed?
It would be very tempting to simply write off this whole year, and put it down to the coronavirus pandemic.
However, that wouldn’t be the full picture.
It’s fair to say that coronavirus has impacted every business, in lots of unexpected ways, but it has also exposed areas of our businesses that needed improvement.
- Is my business prepared for someone to suddenly fall sick?
- Do we have depth in our team across all of the roles?
- What cash reserves does my business have in case our industry falls on hard ground?
- Has my business missed an opportunity to have more of a digital presence?
These are just a few questions that you can ask to really quickly that will serve you well beyond the pandemic and into a more ‘normal’ year.
2. Where Has Your Business Risen To The Challenge?
Every business owner should admit how difficult this year has been.
Don’t think of this as solely about staying afloat financially, because the pandemic will have brought a multitude of challenges to your business
Have you rose to the challenge with your:
- Customer relationships
- Staff morale
- Leadership qualities.
In a year that has looked very different, owners have been required to juggle many different circumstances. Now, you’ve reached the end of the year; don’t downplay your achievements.
Spend some time considering how you and your business have rose to the challenge in 2020.
3. Get A True Understanding Of 2020’s Impact
Even though the year has been a tough one, taking the time to pull off financial reports will be extremely useful to you.
Accounting software like Xero, which all of our clients use, allows business owners to get a realtime view of their finances throughout the year.
With this you can compare year on year, month by month and really understand where your business has performed well given the circumstances.
One valuable piece of information is determining how next year needs to shape up, in order to bounce back from 2020 and ensure that the year was just a blip.
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