You’ve heard of an employee annual review, but have you ever thought to conduct one for your business? Whilst we hurtle towards the end of the year, a lot of people begin to look back at the year they’ve had and put into place ideas for what needs to happen in the future. However, whilst looking at projections, conversions, sales and other data is all well and good for creating a strategy for the year ahead… What about taking a look at some of the other factors detailed below?
Let’s talk £££
In an annual review, an employee can bring up discussions about their salary and pay. It gives them the opportunity to ask for a raise and bring a case as to why they deserve it, whether they’ve got a list of things they feel they’ve accomplished or brought to the table, or because they’ve done the research on industry standards for their role and want to bring it up to scratch.
As a business, it’s a good idea to get your head in the same frame of mind as an employee. Are you charging the right amount for your products and services, or are you selling yourself short? Do you need to increase your prices in line with competitors or do you want to remain competitive? Are you sure your price point is right? In the same way that an employee might want to make sure their worth is being acknowledged with their salary, as a business you need to make sure you’re taking care of the margins that will enable you to continue going from strength to strength in the year ahead.
What is the culture like?
Another topic often discussed in an annual review is company culture. Is the employee happy? Do they feel supported? Is there anything they feel needs to be worked on or improved? Now switch it around on your business – are you making sure as the business owner you’re taking enough breaks? Are you having time off to recharge and recuperate? Are you constantly on the verge of digital burnout and need to reassess how much time you’re putting in and adjust your hours? It’s easy to burn the candle at both ends, particularly as a business owner – so make sure you look after yourself.
On top of looking after employee wellbeing, it’s a good time to take a look at how you are hiring (and firing.) What do you need to do to improve the diversity and inclusion of your business and are you doing all you can to make sure that your company provides an environment that is healthy and conducive to good mental health? Do the checks.
Mentoring and Training
An employee may request mentoring or to be sent on training courses to help further their skillset and qualifications. Have you considered this for yourself or your business? There are always brilliant conferences and events to sign up to for business owners looking to see what topics are trending and the conversations happening around your field or industry, it never hurts to further your knowledge or be aware of those discussions happening! And whilst many pride themselves as experts in their industry, it’s important to continuously learn and improve.
There are lots of ways you can take a look at your business year retrospectively and help plan improvements and ways of thinking for the future. Give your business an annual review and see how it elevates your position and strategy in the new year.