How do you know if business is booming? Do you have a crystal ball? Most likely not, which means conducting an annual business review is a MUST for your business growth.
2. Do you conduct an annual
business review?
95 percent of the entrepreneurs
and business owners I coach
don’t conduct an annual
business review.This is a
mistake.
The following slides break
down each of the 7 components
of an annual business review.
www.titaniumsuccess.com
3. The 7 Components of an
Annual Business Review
1. Financials
2. Sales
3. Projects
4. Human Resources
5. Marketing and
Investments
6. Outstanding Debt
7. Contract Pricing
www.titaniumsuccess.com
4. Financials
Analyze the three key
documents that tell you the
financial health of your business,
which are:
• Profit and Loss Statement
• Balance Statement
• Statement of Cash Flows
www.titaniumsuccess.com
5. Sales
Next, look at your sales for the
year and answer the following
questions:
• Which sales systems are
working?Which ones aren’t?
• Which products and services
sold better than expected?
• Which products and services
sold worse than expected?
• Which sales channels
generated the most revenue?
www.titaniumsuccess.com
6. Projects
Your projects include any
campaign you’ve launched or
strategy you’ve implemented
this past year. Look at each
project and ask:
• Was the project completed on
time and on budget?
• Did the project miss or exceed
the expected results?
• If the project missed
expectations, what caused
this failure?
www.titaniumsuccess.com
7. Human Resources
Make a list of every employee and
contractor in your organization. Calculate
each of their total costs, including every
aspect of their compensation packages.
Next, analyze each employee’s
performance and determine if the results
were worth the costs. Consider the
following questions:
• Who do you need to fire?
• Who needs to be put on a Performance
Improvement Plan?
• Which areas do you need to hire more
people?
www.titaniumsuccess.com
8. Marketing and
Investments
Marketing is your most
important investment, but some
of your expenses are also
investments.
• What new equipment, tools,
or office upgrades have you
made this year?
• What new marketing
strategies have you invested
in?
• What ROI have you seen from
these marketing strategies?
www.titaniumsuccess.com
9. Outstanding Debt
The second to last step is to
analyze all of the outstanding
debt you have on the books.
• How much is it costing to
service this debt?
• What is your profit after
servicing your debt?
• How can you reduce this
debt?
www.titaniumsuccess.com
10. Contract Pricing
The final step of your annual
business review is to analyze all
of your vendor contracts.
• What vendors or online
services do you pay for, but
hardly use?
• What vendors or online
services are most useful to
your business?
• Which vendors can you re-
negotiate with based on your
high-volume orders?
www.titaniumsuccess.com
11. Scheduling Your Annual
Business Review
It takes 2 days to complete this
annual business review.The first
day is for the actual review and
the second day is for making my
annual business plan for next
year.
My challenge to you is to get out
your calendar and schedule a
weekend to conduct this year’s
review.This small commitment
will have a monumental impact
on your business.
www.titaniumsuccess.com