Inevitably, each year presents its set of highs and lows; and it’s just as important to celebrate an achievement as it is to assess and learn from the set backs. To set yourself up for a successful upcoming year, it’s necessary to evaluate the past one and learn from any mistakes.
Reflect on the Positive
A yearly review requires a sense of objectivity and the ability to separate yourself from the business to access from an outside perspective. Celebrating the wins and recognizing the areas where improvements are needed requires a positive outlook because as long as you strive to be your best, you are succeeding. Learning from your successes is just as important as learning from your mistakes. Recognize what works for your company, and recreate the specific practices that led you to those achievements working in conjunction with future needs. Each business is unique, therefore has its own set of risks. Speak to an insurance financial service agent to understand the protection your business needs.
Create a List
A direct approach to the review process can cover all bases and even create an innovative forum. Prepare a list of questions such as:
- What were our achievements?
- How did these achievements affect company growth?
- What was learned in the past year to support progress?
- What were our greatest setbacks for the year?
- Were strategies implemented to tackle setbacks?
- Plan a Schedule
It’s not helpful for a year-end review to be completed in one sitting. Set aside enough time to properly dive into the issues that matter most to your company, while keeping up the pace. Schedule time slots in each day during one particular week. Your company may require more or less time than another, don’t limit yourself and your organization during this crucial process.
Generally, your objectives will change over time, so assuming that your post-review goals will remain identical to those of the prior year isn’t realistic. As supply and demand, and economic trends shift, so will your company’s objectives.
Determine which goals are worth keeping, which will be eliminated, and how to redirect your energies to create your desired outcome. Never rush to eliminate valuable goals that didn’t necessarily work out; rather try alternative strategies for achieving them. Consider both the long and the short term when contemplating your objectives.
Company Culture and Values
Company culture is the main factor in a company’s overall success. Without a strong value system, a positive culture is almost impossible to achieve. Even sole-proprietors should maintain a distinct set of values. Identify both the positives and negatives in relation to their company’s culture by asking the following questions:
- What did you do to encourage a positive company culture this past year?
- Were there any missed opportunities?
- How can you be even more focused and effectual when supporting a positive company culture in the upcoming year?
About IFS Insurance
At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420.