One of the best ways to see how your business is doing is to do a year in review.
I always say that you need to look at the numbers on a regular basis to plan in your business.
But something else you should also do is a financial year in review.
A financial year in review will help you see what has been happening in your business and what else you can do to continue to grow your business and see success.
So what questions should you be asking your financial year in review?
How much money did you make in the past year? Where did this income come from?
One of the things that most entrepreneurs regularly look at is how much money has been brought in.
But it’s also something that can really help you with your business going forward.
How much money did you make in total for the year? How much was made each month?
Then also look at the sources that brought your money in. What did you sell to bring in the money? How well did each of the things that you sold this past year work for you?
What was your biggest expenditure for the year?
Where did you end up spending the most amount of money? What things did you buy for your business that helped you continue to move your business forward?
How did this purchase help you in your business? Would you make this investment again? If not, why not?
Where else did you spend money in your business? What things helped you in your business? What didn’t help you in your business? What about courses you’ve bought but haven’t finished yet? How many of those courses do you still have sitting around?
What are the things that have been holding you back in your business?
Are there certain mindset things that are coming up that are holding you back in your business?
Have there been certain areas of your business that you just procrastinate on doing? Or you really don’t want to do certain things in your business, but know that you should be doing?
What really needs to change for you to continue to grow your business because it no longer needs to hold you back?
What mindset practices have you implemented in your business that do work for you?
Do you regularly journal? Or look back at things that have been happening?
What things that have been working do you plan to continue to do?
What things have you done over the past year that you want to continue doing in the coming year?
There are things that are working in your business that continue to help you grow it. What are you going to continue to do?
What things have you done in the past year that do not want to continue to do in the coming year?
There are things that aren’t working in your business. Don’t worry, it happens to all of us. Your business is an experiment that will continue to evolve. And you’ll have to continue to evaluate what works and what doesn’t work.
What are your income goals for the coming year? What is your profit goal?
For the coming year, what is your income goal? What is your profit goal (how much money is left over after the expenses for the business are paid)?
What has been the most important lesson that you learned from this past year that will help you make more changes in the coming year?
We all learn lessons as the time goes on. What has been your biggest lesson for this past year? What is something that you really want to continue to do in your business because it has helped you to continue to build and grow your business?
What products, courses and services do you really want to offer this coming year that you haven’t had a chance to offer in the past year?
Have there been any products, courses and services that you’ve had in the background of your mind that you wanted to offer, but haven’t yet?
What do you really want to create and sell in your business?
Are there any collaborations that you really want to happen in the coming year?
Are there any business owners that you’ve followed over the past year that you would really like to collaborate with?
How do the majority of your buyers learn about you?
Where do people find you? How do they get to your products and courses and services?
Are you running the right business model for you and your business?
There is no right or wrong business model for your business. But do you have the right one for your business? Do you have more experiments that you need to do in your business to find what works best for you?
What things are really working very well in your business?
What is going well in your business? What do you do that continues to help you grow your business? What experiments have you done that help you make more money in your business?
What things are not working well in your business?
What have you done, or still doing, that isn’t working in your business?
Ready for your year in review?
Are you ready for your own financial year in review?
What things do you need to look at and make changes around? What else needs to be done in your business to prepare for the coming year?
Your business is meant to keep growing. And you need to review what has been happening in the past to keep the momentum going and keep growing.
The best time to do a year in review is November/December.