The importance and value of formal reviews of your business
2nd of September, 2020
As Business Owners we often get too wrapped up into today and tomorrow and lose sight of our overall purpose and key objectives. We all hear that we should spend more time working on our business rather than in our business. Easy to say but it is often hard to get off the rollercoaster.
This week my wife and I will hold our six-monthly General Meeting.
It will be a formal meeting. It is planned and placed in our diaries well in advance. It has a fixed agenda and an agreed set of data to be presented and reviewed. When it is finished there will be a set of minutes, with actions for both of us to complete.
- We will discuss our financial position year to date and a full-year forecast
- We will review our sales, profit and cash forecasts
- We will talk about both risks and opportunities for our businesses
- We will discuss our overall goals and objectives and whether all our actions are aligned to achieving them.
We have two businesses. We are Directors of both but it is still only the two of us. It may seem odd that we would need to be so formal. However, this focused two-hour discussion and the actions that come out it are critical in ensuring we are working on the right things, in the right order to deliver our business and personal strategies.
My advice to all Business Owners is to have regular reviews of relevant aspects of your business and ensure they are fixed in your dairy as required – weekly, monthly, quarterly, six-monthly and annually. Make these meeting as formal and as structured as you need them to be. Crucially, take the time out from working in your business to step back and verify your overall purpose and goals and the actions needed to achieve them.
If you wish to get advice on your business goals, strategy, action plans and reviews, please get in touch, we will be delighted to guide and help you.
