When you run your own business, it’s likely that you developed a business plan and set some key goals to aim for on your road to success. But how are you actually reviewing your business’s progress towards these goals? The upcoming tax year is a great time to look back and see how you’ve done - here are some tips for conducting a retrospective, and for planning your new tax year.
When you work from project to project, it’s easy to get into the mentality of just completing and shipping rather than properly analysing the work you’ve done. That’s where
a “lessons learned” meeting can be hugely beneficial, as it encourages you to look back at an entire project and analyse it from start to finish - so that you can see any areas that you didn’t perform well in and
learn lessons from them.
It’s understandable to focus primarily on success and suggest improvements to make your future work even more successful, but it’s equally important to recognise your failures.
This article from Inc gives some great insights about how highlighting and sharing failures can help foster greater success in the future - including how one business benefited from
implementing a “failure wall”. Alternatively, you could consider
PBS’s “culture of failure” strategy, which helps employees feel more inclined to take risks, be more creative and (ultimately) achieve greater success.
It’s not enough just to hold regular reviews: you also need to have a good methodology in place so you actually know what to review. In addition to looking at successes and failures, why not try carrying out regular a
PEST analysis that you can review and reflect on?
When it’s time to turn all of that reflection into an action plan, don’t forget to set
SMART goals for the new tax year- happy reviewing!