Reflect On Your Business Year In Just 15 Minutes

 

For the end of the year we wanted to give you 3 bitesize tips to help you reflect on 2019 as a business owner.

The aim is to spend about 15 minutes on these 3 steps, to give you a quick snapshot on what you have done well, and where you need to improve for the year ahead.


One Lesson You’ve Learnt: 5 Mins

Spend 5 minutes listing some of the big moments in 2019 that have taught you a lesson about the world of business.

Then, pick one of these and dive deep into the specifics of this moment. 

Ask yourself:

  • What have you learnt from this lesson?
  • What has this experience exposed about the way your business runs?
  • What areas of your business are impacted by this lesson?
  • What steps should you take to learn from this lesson?

Take a minute or two to think about answering these questions, and then glance back at your other list of moments from earlier… 

Ask yourself: How many of the other events would fit into the same lesson learnt? 

If there are a few, you’ll helpfully expose an area of your business that you can commit to improving in 2020.


The One Success Of The Year

Spend the next five minutes listing some of the successes across 2019!

The difficult part here, will be narrowing it down to only one, which you’ll need to do next.

Take this one success and ask yourself:

  • What did this success mean for your business?
  • Did this success surprise you?
  • What factors made this success happen?
  • What does this tell you about the way you run your business?

These answers will give you something to celebrate from the past year. They will reveal to you what your business can achieve next year, and show you some strengths that you should lean on for 2020.


Look At Your Data Across The Year

Lastly, take 5 minutes to pull off a financial report of the year.

Accounting software like Xero, which we fully endorse can produce reports like this is moments, providing you’ve kept it up to date throughout the year.

Look at the data and see:

  • How did your business perform over 12 months?
  • Which months were the ‘best’ and the ‘worst’?
  • Can you remember any reasons why these months stand out?
  • Are there any trends you should be aware of for 2020?

Having your financial data up to date on software like Xero can produce incredible insights for the year gone, and the year ahead in just 5 minutes.

If you’re not yet using Xero, get in touch below and we’d love to introduce you to it. If you’d like help keeping your bookkeeping up to date, we can help with that too.

We hope these 3 steps will give you 15 minutes of brilliant reflection on the year gone by, so you can start preparing for 2020.

 

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