Prepare for Your End of Year Review

As the holiday season starts steadily creeping in, it’s common for many businesses to experience a quiet period. While it may be tempting to take your foot off the gas and enjoy not being in back-to-back meetings for once, now’s actually the best time to get your ducks in a row and review how your business is performing to ensure you start the new year ready to make your business better than ever. But what elements should you keep in mind when preparing for an end-of-year review? Stick around for everything you need to know.

Review any changes made

In order for companies to continue to perform well, certain changes need to be implemented from time to time. While some changes can reap countless rewards for a business, others end up not working out. It’s all part of the process! That’s why it’s important to review any changes your business has made to see if their impact was positive or negative.

Think about how your employees responded to any changes made. Did the changes improve efficiency or did they further complicate an already established process? Reviewing any new ideas that went into effect this year is a great way to see what works and what doesn’t.

Look at the data

Now’s the time to use your ERP software to your advantage. ERP systems hold lots of valuable data that will allow you to further analyse various elements of your business. These include:

Performance
Efficiency
Inventory
Operations
Equipment
Employees

If you’re looking to find out more about inventory and how it can improve, ERP systems can help you review stock levels, shortages and any further problems that exist with your supply chain. If you have multiple employees coming to you inquiring about a raise, review performance salary reviews. ERP can also go one step beyond and help you improve all the above elements of your business through historical data.

Discuss relevant goals

While it’s important to make sure your business stays on track for the years ahead, it’s also important to set out future projects and goals for your teams to work towards. Whether this includes operational goals or financial goals, listing out exactly where you want your business to be by the end of next year is a great way to get your employees excited for all that’s yet to come.

Review current processes

Lots of businesses aren’t taking full advantage of all of the opportunities that ERP systems provide. These systems have been designed to act as an internal knowledge base that contains valuable data about your company - they exist to help you improve and become more efficient.

If your business isn’t taking advantage of the many capabilities ERP system have to offer, we strongly recommend you get in touch with our team who will kindly provide you with further information. While you may not normally have the luxury of spare time to get the most out of your systems, now’s the time to utilise the quiet period to your advantage.