Spring cleaning your business is more than just tidying up operationally. It is about getting a good feel for the health of your business and setting the stage for growth. Quarterly and annual reviews are both a practical and systematic way to take stock, make changes and fine tune a business for success.
These days, as changes in the marketplace are happening so rapidly, it may not be enough to put time aside once a year to conduct an annual business review. There is great benefit to be had in conducting regular quarterly reviews. This allows management to be more flexible and agile when change is required, or a problem needs to be solved. It also allows for timely employee recognition when excellent work is done, or projects are successfully completed, and the company is achieving operational milestones.
Once a year, however, it is important to go back to the very foundations of your business, to do a deep dive and make important adjustments and innovations from the ground up.
Here is a seven-step checklist for spring cleaning your business:
1. Review your business plan
Is your business plan still on point? The business landscape is ever changing. Review your business plan to ensure your mission and vision are still aligned with your core values and what your company offers. Reflect on whether market conditions or competitive threats have changed, and how you can better keep pace with them and turn them into opportunities.
2. Own the numbers
In today’s exacting business climate, efficiency though saving time and money is the best path toward profitable growth for many small businesses. You cannot grow profits without knowing where your business stands financially right now. Scrutinise your expenses over the past year and consider ways to reduce costs without sacrificing quality. Perhaps automating and streamlining routine processes is the key to more efficiency and higher productivity in the hands of your team?
3. Measure progress and set goals for the following quarter
Are you still on track when it comes to reaching the high-level goals itemised in your business plan? Evaluate each goal and determine how much progress you have made. If you have made scant progress, think through ways to kick start, and make headway toward reaching your primary or long-term goals. The best way to do this is to create a practical step-by-step 90-day action plan with deadlines and a clear indication as to who in the business is responsible for each action.
4. Start planning your business growth strategy
How do you plan to scale your business? What resources, including people and funding, will you need to accelerate business growth? What will you do next? One sure way to grow your business is to focus religiously on your top priorities and delegate important yet time consuming routine tasks to a member of your team. It could be that you need to grow your team – to take on a sales rep or full-time assistant – or Virtual Assistant – to free up your valuable time.
5. Design your role to leverage your strengths
Building on the point above, it is powerful to be able to draw on previous experience. Experience in certain situations gives you a unique perspective and approach in business – and it is important to use your skill and knowledge to your advantage. When times get tough clients and employees look to those they know who have both skill and experience for guidance and execution. Focus on what you enjoy and are good at, then surround yourself with others who have different superpowers.
6. Review your marketing strategy
Today, marketing tools and channels continue to evolve at a rapid rate – helped by AI. And no matter what they are buying, from kitchenware to a new home or finding a good local physiotherapist, the customer journey starts online. New channels, and ways to use them to successfully reach your customers, enter the marketplace all the time. The outcome is that strategies that may have worked well two years ago could now be a dead end. Set aside time to do a deep dive into who your target market is and evaluate whether this should be expanded or altered in any way. Then, measure the effectiveness of your existing marketing channels before setting about updating your marketing strategy.
7. Do not ignore your existing customers.
Existing customers are a valuable resource for companies. Keep in mind that your regular customers are already familiar with your product or service offering and, importantly, are enthusiastic about them. They represent a stable source of revenue – and provide a fantastic way to get new business referrals. Yet, customer loyalty can be undervalued or overshadowed by an all-consuming hunt for new customers. Show your existing customers that you appreciate them by finding ways to maintain your relationship, express your gratitude and reward their loyalty.
Companies that thrive are typically led by owners and managers who are committed to continual improvement. Both annual and quarterly reviews are a great springboard for creativity, innovation and fostering a culture that embraces constant improvement – rather than resting on past successes. By evaluating market dynamics, monitoring goals, streamlining operational processes, and paying attention to performance metrics companies have a blueprint from which to identify areas for improvement and growth. An eye on the business compass and commitment to optimising internal processes puts leaders in a position to navigate a competitive business landscape and stay ahead of their competitors.
Over to you for sharing your comments and experiences.
About the Author: Kerstin Jatho
Kerstin is the senior transformational coach and team development facilitator for 4Seeds Consulting. She is also the author of Growing Butterfly Wings, a book on applying positive psychology principles during a lengthy recovery. Her passion is to develop people-centred organisations where people thrive and achieve their potential in the workplace. You can find Kerstin on LinkedIn, Soundcloud, YouTube and Facebook.
