Time for a business performance review

December presents the ideal opportunity to learn and grow by doing a yearly business performace review. Now is the time to reflect, rethink, reread and redesign before the start of a new year.

By design, I am driven by achievement. I want to have done things as badly as I want to do them. I focus consciously on the joy of the journey, but get my sense of self from the destinations I arrive at.

I write endless lists and love checking boxes. I see myself looking back at me when my children return from overseas with talk, not of life experience, but of countries ticked off.

I should, then, love the achievement of another year, something fulfilled, finished, scratched off the list.

Perhaps I felt this way in my youth. Now, at 42, with children I physically look up to, the end of every year is a reminder only of a life whirring past.

December is the month I like the least, irrespective of the joy or accomplishment of the year it marks the end of. January, for all the promise of a new year and the fact I spend it at the beach, is my favourite month.

So how do I make the most of my least favourite time of year?

December is a time not just for present buying and tree decorating, but for doing a business performance review to work out what was good in the past year and how to plan for more of it. It also provides an opportunity to work out what didn’t pan out so well and make plans to keep those things to a minimum in the brand new year to come.

Of course, while doing my business performance review I get to check off my annual goals against reality and that can be a huge laugh or a moment of quiet satisfaction, usually both. I long ago learnt that changing your mind as you go is perfectly wonderful and goals unmet fall neatly into this perspective.

I usually don’t write my new goals for the following year until I feel the January sun on my shoulders, but spend December looking back on the fortunes of the year and setting a general course for the next year for myself, my children and my business interests.

I write and speak frequently of the notion of re-imagining our own futures and this word elicits a greater response from people than any other word I am aware of.

Along with the reality check of the December reminder of a life whirring past, this is the chance to pause and celebrate with those you love and be excited by the prospect of January and the opportunity it brings for starting anew.

Spend December re-imagining. And think big.

Karen Morath of M Power consults, trains, speaks and coaches in public relations, personal effectiveness, life balance and all things empowering.

5 comments | Add your own

A timelely reminder, Karen. Yes, you are right. What w wonderul thing to be able to do - ticking off the boxes. Sometimes when I do this I get ticked off! Anyway, can't wait to find a quiet moment to do my onw ticking off. And think BIG. Grant McDuling from Brisbane, Australia
I disagree with you! In early July this year when I started my website, www.theofficewitch.com.au in my very first article I wrote make your “New Business Year” resolution. I do my business performance review at the end of July or early August. Why? The financial year just ended, BAS is done, nothing else I can do to change the result. I print out the reports, analyse them and make some business decision if it’s necessary based on that result.To reflect on the business performance in December would delay taking actions by 4 moths. I don’t think any business have 4 months to lose. Judit Nagy www.theofficewitch.com.au from Sydney
Judit
your logic escapes me. Are you saying you need end of year financial reports to think about your business? If so, no wonder you disagree with me. I look at years according to how I live my life and I think about my work in the same way. They start in Jan and end in Dec and I don't care much for financial reports and someone else does my BAS. I think you should review your business whenever you like, just as I do. Karen Morath from Melbourne | Read my articles
Indeed a fine reminder Karen. The main point I am sure is that a review IS done and done with regularity...whether in December or as Judit does in July/August. December works for me. Ian Jones from Perth
Karen. My point was that reviewing business performance is best at the end of the financial year. Financial reports are very important and tell you a great deal about the performance of your business. As a business woman you will know that when you apply for a business loan or try to open a trade account, banks and traders request the P&L and BS report and in many cases a copy of your tax return with the contact details of your accountant. Is this a coincidence? I don’t think so. Those reports do tell the health of your business. They should be reviewed at least quarterly if not monthly. Having a qualified bookkeeper to take care of your books is an excellent idea. In any event it was only a suggestion. It’s OK to disagree. Judit Nagy www.theofficewitch.com.au from Sydney

5 comments | Add your own

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