"Every company should undertake an end-of-year review of its fiscal year. There are three things that you should seek to learn from this review. What worked and returned the most cash to your business, what cost you time, money, and frustration, and what needs to change next year so you do not repeat the same mistakes from the previous year."
"Smaller companies tend to avoid reviewing because it seems like a heavy task or an abstract task that won't contribute to cash flow. However, large companies tend to create SOPs around review processes because they know that what gets reviewed gets corrected, and the larger the company, the more every percentage of margin matters when margins are notoriously thin. More than 70% of large companies host off-site meetings for leadership planning and reviewing the previous year."
Every company should undertake an end-of-year review of its fiscal year to identify what returned the most cash, what cost time, money, and frustration, and what must change to avoid repeating mistakes. Large companies formalize reviews with SOPs and off-site leadership meetings because slim margins make every percentage point important. Smaller teams can run concise, time-efficient reviews that still produce valuable insights. Break the review meeting into four 15-minute sections covering distinct performance areas. Identify highest-profit projects or products and scale them. Review marketing channels for qualified leads and return on spend. Review process changes made during the year.
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