As a business owner, you should conduct an extensive review of your operations at least once a year to stay on track. An annual business review can help you determine what you need to do to grow and what areas of the business you can work on. But how can you properly conduct annual business reviews for a hybrid office set up? Learn how you can align and discuss your annual goal cost-effectively with meeting room rental solutions.
Business reviews reinforce each team or individual’s accountability and plan of action. Conducting an annual review allows your team to share ideas and strategies, identify and remove bottlenecks, and celebrate success.
What is a Business Review?
A business review is an evaluation of the metrics and performance of a particular business over the prior period. A business review allows the management to see the bigger picture of its overall strategy and objectives attributed to the work done by each team member over the period. Many businesses conduct reviews either on an annual, bi-annual, or quarterly basis.
Whether you own a startup or a small- to medium-sized business, an annual review can help you evaluate what practices you have in place are effective and give you a clear trajectory of the direction the company is headed.
Conducting an annual business review or planning is easier said and done. It’s more than just conducting simple checks and balances. It entails a lot of time, effort, and documentation, but it’s essential to analyze the performance of your business and your human workforce. Business reviews also help you review the market changes that can affect your firm’s future.
Importance of Conducting Business Reviews
They set benchmarks
A well-defined analysis gives the entire company an idea of where they are on the map and allows it to work on a plan to reach its journey and even open doors for new revenue opportunities.
Business reviews encourage your business to re-organize and re-route as needed to gain market advantage. It also helps your clients to be equally invested and accountable for the progress of partnerships or projects.
Identify success metrics
Whether conducted annually, quarterly, or midyear, business reviews aid firms in identifying gaps in their performance and bolster their key performance indicators with realistic timelines, budget allocations, and trusted suppliers.
For example, if a review finds out that you lack marketing performance, you could strengthen your SEO marketing strategies to tap a broader market.
Track customer engagement
Business reviews consider customer reviews. You must build a credible working relationship with your customers to sustain long-term business growth. Your customers and customer service should be part of the business KPIs.
When it comes to your customers, it’s essential to have some crucial details pinned down:
- How many customers do you have in the prior year vs. how many do you have now?
- How many customers have you gained or lost in between the review period?
- How often do customers use your products or services?
- What were the reasons customers complained?
Keep tabs on employee performance
In every business, its workforce is the real asset, so it’s essential that your staff should be part of the business review. Employee satisfaction surveys are an excellent tool for assessing their work engagements and commitment. A well-presented annual business review should reflect the big picture for the company, including its staff.
How to Plan for Business Review or Office Planning
A successful yearly review relies on the efforts of each team member. Planning for the future is the best way, as each year brings its highs and lows, and you want your business to weather challenges that come its way.
To prep for a fruitful business review, take note of these steps:
Establish your goals
Enumerate your long-term and short-term goals or business objectives. This could include target sales, customer base, new product, or service launch. Considering economic trends, you can also revisit some of your previous goals that did not work out and seek alternative strategies to achieve them.
Prepare a list of questions
Cover all the bases when making a list of queries—from achievements, growth targets, business trends in the Philippines, and expenses. Open the floor for questions from different team members to know what areas need improvement and what areas of the business will be sustained. Learning from your business’ success is just as important as learning from its mistakes.
Set a schedule for review meetings
A year-end review cannot be done in one sitting. The performance analysis is a process, so it’s important to set aside some time to focus on reports and conduct a thorough analysis of where the company is on its roadmap.
You can schedule one weekly meeting to catch up on everyone’s report with a point person keeping track of the entire review progress. Following up is necessary since annual business reviews are usually due by the end of the year. These are crucial times, as employees tend to be away during their holiday vacation.
Business Review Execution Tips
Business review meetings can be tedious and sometimes spell pure work since it’s working on an executive summary for the entire year.
To make it more engaging and a little more fun, why not rent a meeting room or a conference room to keep it creative? You can include visuals and presentations to exhibit goal evaluations, business milestones, obstacles, financial data, and growth trajectory.
A successful business knows that to plan, it’s inevitable to reflect on its past and a strategic review is vital to all angles of the business.
In Metro Manila, Ortigas seems to be the sweet middle spot for those in the north or south. M Spaces is located in the central Ortigas area and offers meeting rooms and conference rooms that are perfect for those annual business reviews.
M Spaces has meeting rooms that can accommodate up ten people, while its conference room can assist up to 22 people. All air-conditioned meeting rooms come with office chairs, desks, TV monitors, a whiteboard, and access to high-speed Wifi an LAN connection.
Need a conducive and budget-friendly space to hold your business reviews? Check out M Spaces for meeting room rental rates and other services. Get meeting room hourly rates at 50% from Oct. 1 to Dec. 31. That’s a meeting room for as low as Php250 per hour! Contact us through our website or message us on our Facebook and Instagram pages for more information on the promo.
