End-of-year reviews can be a stressful time for a business. But with the right preparation, they can be a positive experience for both you and your employees and get the next business year off on the right foot. Here are some tips for a great end-of-year review.
Involve the entire team
The end-of-year review should be a holistic process which fully analyses and reviews a company’s performance. It’s important to make sure that all areas of the business can input into the review process.
Doing so means that you can include valuable insights that seniors or financial reporters may not be privy to, and it also means gaining crucial buy-in from your employees. Your staff will always feel more positive about outcomes that they have been involved in developing, even if it isn’t what they themselves would have chosen.
Take time to analyse the right data
Gathering the right data and making sure it is accurate is essential. However, the key skill needed for an end-of-year review lies in interpreting this data to gain insights into performance.
If as a business you are struggling to make sense of why certain strategies are not leading to better outcomes, then it may be advisable to seek professional advice. A Tewkesbury business coach such as www.randall-payne.co.uk/services/business-advisory/business-coaching can advise a firm on where things may be going wrong and suggest strategies to put it right.
Start early and have reviews throughout the year
Some companies find that monthly or quarterly reviews or mini reviews help to keep their business focused on outcomes. These can also create a deeper understanding of how certain interventions can affect the business in real time, rather than leaving it to the end of the year.