Not everyone looks forward to reviews, but no one will dispute their importance. In the case of the mid-year review, it serves as a check-point moment to keep everyone aligned and adjust as necessary. Stakes are higher at a year-end review, which usually results in pivotal changes to accelerate growth. These could be to outsource accountants, assistants, and other support work. An image revamp might be in the works. This is how you decide on necessary adjustments during the year-end:
Review of the past year’s business goals
It’s not enough to know the state of your business. How did it get to that point? Whether you are celebrating huge wins or reeling from losses, use the year-end as the time to bring out the business plan from last year and check what goals have been met.
Keep tabs on your best practices but mercilessly evaluate the mistakes. Do the metrics from last year still apply this year? You may not meet your metrics because new developments have made them irrelevant. And that’s alright. The business review will tell you when you need to pivot.
Another take on the employees’ performance review
Many employees dread annual performance reviews because the nerve-wracking ordeal will determine if they get a promotion or stagnate in their positions. This doesn’t have to be the case, and it shouldn’t be in the modern workforce where the nature of work shifts rapidly.
Having conversations on employee development, aside from accountability, will help managers coach employees better. Progress isn’t measured by a static indicator, but by the process of achieving it. Development-based conversations also encourage constant check-ins. Companies will know how they can help their employees perform well. Are they burdened with heavy administrative and finance-related matters outside their expertise? Reviews will signal the need to outsource accounting and other functions to help employees perform their core responsibilities.
Setting goals for next year
The sub-heading is self-explanatory but building the groundwork must be completed before this is done. Hence, the importance of business and performance reviews.
If you’ve been in the business for a while, you may have heard of SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound. SMART goals will never go out of style but today, collaboration needs to be factored in as well. How does one unit’s goal complement another’s? Do they duplicate?
Things can change in a snap these days, and all units in the organization must constantly stay on the same page to avoid leaks and gaps.
Financial documents: Best prepared by outsourced accountants
There is no room for inaccuracies and mistakes in financial reports. If you do, you’ll either miscalculate financial projections or get fined by tax authorities. Compiling financial documents to support year-end financial reports should be done on a regular basis to account for every expense. Companies delegate this time-consuming but sensitive activity to certified outsourced accountants to ensure accuracy, especially during tax season. MCVO talent keeps a remote working arrangement. They will render services customized to your needs, so you don’t have to worry about paying for unnecessary ones. If you need help keeping up with your financial documents, contact us now to get this sorted out.
