As the year comes to a close, many businesses are winding down ready for their annual shut down. At this time of year, many look back and reflect on what was and what could have been but most importantly what needs to be changed in the next year.
Many business owner do this reflection at their financial year end. Having said that, many small business owners use the annual shutdown to do this analysis.
There are 2 areas of analysis that need to be done in order for it to be useful and to have a lasting impact on your business.
1. What was positive. Ie: what worked.
Of the 2 areas, this must be the main focus. This will help with the second area.
2. What did not work and needs to be changed our improved?
This is often the main focus when looking back. It needs to have a positive outlook. “Don’t give me problems, give me solutions!”
Looking back is important but don’t spend to much time there. It becomes difficult to keep a positive mind set. What is critical is that you look back to change the future ie: looking forward. Use historical data as your foundation to build your dream house.
Of course, BC Accounting Services can help with recording that historical data as well as help you plan your dream house (figuratively of course)