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2024 Year End Review

By BVK Group | 16 Dec 2024

Unlock the Benefits of an End-of-Year Company Review

“In the business world, the rearview mirror is always clearer than the windshield.” (Warren Buffett)

Every business should conduct an extensive review of its business operations at least once a year. Doing a review allows you to track your company’s progress towards achieving its goals, to evaluate current strategies, practices and operations, and to determine what’s working and what isn’t. Think of it like going to the doctor for an annual check-up.


The benefits of a year-end review

A year-end review enables you to evaluate business performance across business functions and to identify trends and issues before these become serious problems.

It requires checking progress on goals, objectives and key performance indicators (KPIs). This will reveal what is already working well (these processes can be enhanced and replicated), as well as what is not working – prompting you to realign the team or change tactics. All of this empowers you to chart a well-informed plan of action for the year ahead.


What should be included in an annual business review?

For a big-picture understanding of your business’ performance across the various business functions over the last year, a multitude of factors should be reviewed. Luckily, we can help with putting everything together.

  • Financial reports, including:

     

    • oAnnual financial statements and management accounts 

    • oProfit and loss (P&L) statement comparing total income to total expenses 

    • oCash flow statement to identify cash flow problems and inform budgeting and spending decisions   

    • oDebtors’ reports enabling proactive management of current and overdue invoices for improved cash flow 

    • oBudget vs actual spending report to identify areas over or under budget 

    • oBalance sheet summarising total assets and liabilities, shareholders’ equity, investments and retained earnings     

  • Company vision, mission and values 
       

  • Business plan covering:   

     

    • oMarket conditions, industry changes and competition 

    • oClient base, changing client needs and client satisfaction 

    • oGoals, objectives and KPIs (Key Performance Indicators)   

    • oCurrent and pipeline projects, new opportunities    
       

  • Human resources, key roles and employee satisfaction   
     

  • Customer acquisition cost and lifetime value   
     

  • Products/services, value proposition, quality, prices and fees   
     

  • Sales, advertising, marketing and branding    
     

  • Costs and expenses, including tax liabilities    
     

  • Internal systems and processes, equipment, and resources   
     

  • Statutory documents, registrations, certifications and contracts   


The smartest way to benefit from a year-end review

Collating all this information may seem overwhelming, but with our professional assistance it can be done quickly and efficiently.

Our team will also assist you to understand the numbers and what the data says about your business. This insight will enable you to enhance or duplicate the processes that are already generating good results and to identify the changes necessary to obtain better results in other areas. It’s all about creating a solid plan for the upcoming year, so you can set your business up for greater success in 2025.

 

 

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07 February – Monthly PAYE submissions and payments
25 February – Value Added Tax (VAT) manual submissions and payments.
27 February – Excise duty payments.
28 February – VAT electronic submissions and payments, Corporate Income Tax (CIT) Provisional Tax payments where applicable, and Personal Income Tax (PIT) Provisional Tax payments.