4 Business Aspects to Analyze in Year End Reviews

Taking time to review and analyze the business year can help you identify areas that need attention. It’s also a perfect opportunity to improve the overall performance of your workplace and facilitate better workplace relationships.

The year-end performance review evaluates opportunities, achievements, and areas to take advantage of to improve operations and tap into new ideas for the upcoming year. Here’s what should be on your year-end checklist.

1. Goals-Check In

While it’s tempting to jump straight into establishing New Year goals, it’s equally important to check how the company performed the previous year. Pull out your original business plan and match it with the business activities, look at the data and see if it correlates with what you wanted to achieve. If you did not achieve your goals, find out why.

Get your financial books in order, analyze your net increase or decrease in your business’s cash over the year, and highlight where the money went. Pay close attention to why you didn’t achieve your financial goals to get it right next year. Reviewing your financial goals enables you to determine whether your pre-determined goals can be achieved with present conditions.

2. Running Costs

Keeping track of business costs is essential for business success. When carrying out cost analysis for the year, identify primary and variable costs, understand the relevance of other types of costs, and come up with a re-investment strategy.

Cost analysis can help you pick through available options, rank projects according to their order of merit, and overcome biases for business success. However, it should not be the only strategy to use when determining how to move your business in the future. Focus on strategizing your future because preserving cash in an uncreative way can rob your company’s capacity to flourish in the future. 

Luckily, some tools can help you figure out where you waste money, where money overlaps, and where you can streamline the process. The tools have better digital capabilities to help you analyze company structures and workflows and lead to cost savings. 

3. Employee Morale and Job Satisfaction

Dedicated employees make successful teams. With the constant demand to deliver in the competitive business environment, employers often find it hard to maintain the optimum engagement of their workforce.

Measuring employee satisfaction can help your business perform better and retain top talents. Job satisfaction cultivates an environment that allows employees to improve in productivity. Emphasize job satisfaction for your new year to maximize your team’s potential, activate their creative abilities and strengths that will give your business a competitive advantage.

Employee engagement is determined by employee job satisfaction and morale. Employees with high morale are happy and show a positive attitude at work. Be sure to evaluate all aspects that can affect employee morale, such as working conditions, management support, and job security.

4. Customer Support Efficiency

Efficiency in customer support is essential in managing your customer experience and customer journey. Efficiency can also signify simple and effective call center systems to give customers much-needed support. If your team has the right tools, they will achieve maximum productivity with minimum wasted efforts alongside the benefits of call centers.

Once you establish the key performance indicators, review processes, policies, and systems in place, determine how efficient your customer support has been throughout the year. Call centers provide customer support. Depending on the nature of your business, you can choose call center services to handle either your incoming calls or outgoing calls, or both. A call center can help you improve customer experience, increase efficiency, make it easy to generate leads and improve sales. 

While conducting your year-end analysis on effective customer support, start by considering what is important to the customer. See if the service you are offering is reliable, receptive, simple, timely and whether you have easy-to-use self-help tools. These attributes can indicate whether the service is performing to desired levels as compared to established goals and targets.

Improve Each Year

Before you come up with your new goals and prepare an action plan, take the time to understand what went right or wrong with the previous year’s goals to determine what efforts to amplify or replicate and those to improve upon.