Lessons You Can Learn from Last Year

As you move into 2015, it may help you to look back a bit and see what 2014 brought to your business in terms of positives and negatives. Specifically, look at old reports and statement from the previous year to evaluate where your strengths and weaknesses lie, then formulate a plan to enhance the former and eliminate the latter.

Look at financials. You obviously put together a budget for 2014 that included projected costs, a short-range plan, and a long-range plan. You examined both the income statement and the balance sheet (taking into account possible overall cash flow needs). So did your budget bear out? Did you account for all potential expenditures or did you get caught off guard at any point? Did you allot enough of the budget where needed? Where did you really do well or make a profit? Focus on the answers to these questions and see where you can patch up any holes or build on what you did well.

Look at management. Your managers act as your best link between you and your employees. So how did they do? Did they show solid leadership in leading their team of employees? Did they come up with any initiatives that improved business/efficiency/work ethic? Examine performance reviews and look for any complaints lodged. Make sure you have both formal and informal ways to keep track—always have a paper trail you can look at to see where you can praise or censure.

Look at results. Similar to financials, look at how you did with your clients. Did you make any relationships stronger? How did you do it? How did that affect your business? What can do you to foster even better results in the coming year? Where did potential business opportunities fall through the cracks? What can you do differently to avoid that next time? Consider an overall SWOT analysis: What were your Strengths, Weaknesses, Opportunities, and Threats? Look at internal and external circumstances to see where you can improve, either on something you did well or something that needs work.

Examining available data from last year can help you have a prosperous 2015. If you need any help putting everything together, reach out to the experienced recruiters at PrideStaff for guidance.

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