3 Substantiative Business Checks To Make Annually

Photo by RDNE Stock project: https://www.pexels.com/photo/a-man-packing-cups-for-delivery-7310197/

Perhaps the most decisive resource your business will ever have to plan and manage is that of time. In a way, this is a blessing. After all, in our personal lives we have to stick to deadlines, plan for the future, and consider the restrictions timing may place on us. This means you likely have a great deal of experience in this arena already.

Regardless, how you track and plan your time out on a daily basis can massively differ depending on what operations and plans you’re currently working with. Most business leaders plan their time into sections, sometimes blocking it into periods each day, sometimes curating weekly and monthly goals to hit.

However, one stands above them all – the annual business checks. There are many to make, with the obvious example of the tax year ending at the forefront of your mind. In this post, we hope to remind budding business owners of some lesser but still necessary checks to make. Let’s begin:

Annual Remuneration Packages

It’s easy to somewhat forget about your employees’ pay past the payroll fulfilment, especially when you’re busy with the day-to-day. A good annual checkup of all your remuneration packages is helpful though, as you want to make sure you’re being fair and competitive with what you’re offering. Salaries are of course important as is the question of pay rises, but you’ll want to look at benefits, bonuses, and any other perks that are part of the total package.

Taking this time lets you think about what’s working and what could be adjusted. Maybe you can offer a better retirement contribution, or perhaps it’s time to update your paid time off policy. Maybe you want to change your hour tracking now half the team is remote. Your staff are your most important asset, so keeping their packages attractive is a worthwhile investment of your time.

Supplier Arrangements & Contracts

We’d also suggest that a necessary yearly check is to look over all your supplier arrangements and contracts. The market options can change quite a bit over twelve months, which means that which was a great deal a year ago might not be so good now. You may even find new suppliers offering better rates or better service.

This is a good opportunity to also check the relationship you have with each supplier. Think about how they’ve performed over the last year, and ask if they’ve been reliable. Did they communicate well? You might discover that a material, like a particular type of PVC tube you use in manufacturing, has a significantly cheaper source now. If you shop around or renegotiate, it can save your business a noticeable amount of money throughout the next year. The worst anyone can say is no.

Surveys & Customer Satisfaction Polls

You should always have a finger on the pulse of how your customers are feeling, but an yearly deep dive into satisfaction is always a helpful idea and keeps you focused. It’s easy too, as by running surveys or conducting satisfaction polls, it lets you see the bigger picture of how your business is perceived.

You might be surprised by the feedback you get. Sometimes customers love a product you thought was just ‘okay,’ or they point out a small flaw in your service that hadn’t been reported up the chain. You can use this time to gather honest data, think of the data-driven results, and then spend your yearly plan trying to benefit your customer experience over the next business year.