How to carry out an annual review as a small business owner
An annual review, also referred to as an end-of-year review, creates an opportunity to pause, reflect and acknowledge your achievements and challenges, consider areas for development and identify goals and opportunities for the upcoming year. These insights will help you to set your next business goals and better plan for your business.
As a small business owner, you don’t have a manager or team leader to carry out your annual review and support you in evaluating your professional performance, so it is easy for this crucial part of your professional development to be missed out.
The headings below will help you structure your annual review alongside some example questions for reflection:
Reflecting on 2021
What went well last year and why?
What didn’t work well last year and why?
What were the highlights of my year?
What were the greatest lessons I Iearnt?
Looking ahead to 2022
Which goals do I want to set for next year?
What steps do I need to take to achieve these goals?
How will I measure or track my progress?
Create an action plan
Your action plan is a step-by-step supportive guide to help you achieve your next business goal.
Identify specific tasks with a timeline for each stage of your plan as well as the resources you will need.
Create a timeline of your year
You may prefer to create a more visual way of reflecting on your year in business and professional performance.
Orient your paper in the landscape position and draw a horizontal line across the middle of the page.
Reflecting on 2021, write down some high points (above the horizontal line) and low points (below the horizontal line).
You may wish to label the line with the months of the year and refer to your diary/calendar or social media to see what events took place each month.
For items above the line, identify what you would like to take with you into 2022.
For items below the line, how can you remove or mitigate these from happening again?
An annual review is a proactive way of evaluating your annual performance and year in business so you can plan better for your business and improve the way you work. Reflecting on 2021 will help you move towards 2022 with greater clarity and focus.
How I can help you end 2021 with clarity and focus:
Your annual review and goal setting session
Together we will carry out a detailed evaluation of your year in business and set your business goals for 2022.
1-hour zoom coaching session: £125
Business planning and development sessions
I will help you set your next business goal and create a step-by-step action plan to achieve it.
Get your website ready for 2022. I will take a thorough look across all of your websites’ pages and send you detailed feedback with suggestions for fixes and improvements so your website can work better for your business.
If you are unsure about the best support for you, please get in touch to arrange a free, 20-minute discovery call.