How to Do a Year-End Business Review: 5 Steps

Conducting an end-of-year review isn’t a practice that just applies to larger businesses—it’s also highly valuable for freelancers and independent professionals. A business review gives you the opportunity to look back at your achievements, revisit your goals, and consider how to best move forward for the coming year.

To set your review up for success, it’s important to approach it with an open mind. You’ll be looking at both your accomplishments and setbacks. This should be done without self-criticism or defensiveness.

Follow these five steps to conduct an end-of-year review for your solo business.

1. Revisit Your Business Plan and Values

Start your business review by revisiting your business plan and reflecting on the reasons you started your company. Do these values still resonate, or do they need adjustment? As your business evolves over time, it’s normal for your values to shift.

You would do well to consider the core principles you want to guide your business. Then, consider how you can intentionally align your daily tasks with these values throughout the next year. What specific actions can you take to ensure your work reflects these guiding principles?

Discover: How to Write a Business Plan for Small Business: 8 Steps

2. Celebrate Your Accomplishments

Next, review your top accomplishments for the year. Reflect on your most successful projects and jot down what worked, including the specific steps you took to achieve those results. Did these accomplishments impact growth or revenue? If so, how, and can you replicate these results?

Also, think about your strongest client relationships. What actions have helped grow and maintain them? Which approaches can you apply to current or future clients? Finally, consider the tools or technology that supported your success and note how you can continue using them in the new year.

Explore: Client Relationships Guide: Ways to Build Strong Relationships With Clients

3. Analyze What Didn’t Work

A thorough business review also includes examining what didn’t go well. Try to look at your business from an outsider’s perspective. What goals did you set that weren’t achieved? What went wrong, and why?

Consider where you have room for improvement—not just for major issues, but also for smaller areas like marketing, expense tracking, or gaining more client recommendations. Also, reflect on your personal satisfaction. Is your business providing the flexibility you need? If not, what adjustments can you make to prioritize your well-being?

See: Education Options to Grow Your Skills and Your Business

4. Set New Goals for the Future

After evaluating successes and setbacks, take time to set new or revise existing strategic goals. When reviewing last year’s goals, determine what can be removed or adjusted. As your priorities shift, your goals should evolve too.

Once you’ve set your top goals for the year ahead, identify the day-to-day steps needed to achieve them. Do your action steps seem realistic? If not, revise them to ensure they are achievable. To keep your goals top of mind, consider setting small deadlines or milestones throughout the year to monitor progress.

Check Out: 3 Ways to Evaluate Small Business Goals

5. Check in With Your Progress Throughout the Year

While annual reviews are important, scheduling smaller check-ins throughout the year can make a real difference. Taking just an hour each quarter to revisit your goals helps you track progress, make quick tweaks, and celebrate what’s going well. These regular conversations give you the chance to catch issues early and keep your business aligned with changing priorities.

Quarterly check-ins are an opportunity to pause and reflect on what’s working and where you might want to improve, from client relationships to marketing strategies or everyday operations. These moments can keep you motivated, encourage positive habits, and help you stay nimble as things evolve. Over time, regular check-ins make it easier to keep your business on track and ready for whatever comes next.

Explore: How to Give Yourself a Performance Review

More Tools and Resources for Independent Professionals

If you’re looking for more support to grow your small business, explore MBO Partners’ blog for expert tips and strategies. You’ll find helpful advice and insights to help you take the next step on your independent journey.