I wish I knew that earlier! The Importance of Monthly Business Reviews.
Have you ever thought those very words?
How do you find out what happens in your business each month?
How do you get clear on your business focus?
How do you accelerate what works well?
When do you pump the brakes on what’s not working well?
Reflect.
Yes, you read the right word. Taking a moment to reflect on last month’s progress is key. All things have signs, signals, insights, and trends and being intuitive to these will provide you with information piece by piece to enable more confident decision making.
Without the insights and information, you’re on the back foot, and your business will start managing/demanding your time by what makes the most noise. It’s not always in the right direction!
To help curb misdirected attention, taking 30-60 mins at the end of each month to reflect and review your business performance as part of your Month End process is the perfect timing and opportunity to review:
Your Business Performance – Sales, Operations, People, Customers, Product/Services, Technology, and Financials
Did you have monthly goals? How did you perform against these?
What worked well?
What did not work well?
What was missed?
What issues or unknowns arose?
What opportunities arose?
If a ready to use template will assist you to collate this information so you can reflect and get clear on your focal areas, visit our Store for our Month in Review template, and book mark in your calendar when you will complete your Month in Review as part of your month end!
Once you have collated this information:
Highlight the wins and achievements for the month so you can celebrate and recognise these for yourself and your team. Celebrate the wins!
Highlight the areas to be aware of for focussed improvement,
Highlight the areas that will drive further success,
From your highlighted areas identify your top 3 focus areas that will drive your mission, grow your revenue/profit, improve your overall business etc.
Communicate to your team, what your reflections of the month highlighted and where the focus for the current month lies. Remember – Clear direction = clear focus and clear actions!
Business is a journey and often moves in cycles.
Each month develop the mindset of “PLAN - COMMUNICATE - DO - REVIEW - COMMUNICATE” it will aid and guide you in the management of your business by anticipating needs, guiding focus and actions that drive success and growth in your business! Reflecting each month collates real data and information that will aid confident decision making in your business and keep you in the front of your business.
Without a clear focus of action, your business will end up managing you, and you will be in a battle to keep up.
If you would like more solutions and tools to create calm and growth to your business:
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Contact Us to discuss how we can help you!
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Disclaimer - This information is designed to be general business and employment information. You should seek professional advice that is based on your business circumstances prior to its use. Purchasing and/or utilising any of our templates, tools, agreements, documents does not constitute professional advice including legal advice.