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Titanium Life Episode 73: How CEOs Should Conduct an annual business review
1. Episode 73
• The end-of-the-year business review is one of
the CEO’s most important tasks.
• There are 7 sections a business review must
cover:
1.Financials
2.Sales
3.Projects
4.Human Resources
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
How CEOs Should
Conduct an Annual
Business Review
5.Marketing and Investments
6.Outstanding Debt
7.Contract Pricing
2. vVPlan Your Review Time
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• The time between Thanksgiving and New
Year’s is the best time for a review.
• Plan to give yourself an entire weekend
away from distractions.
• You have to make sure you do this
review once a year.
• Reviewing the last year is for making next
year’s plan.
3. vVFinancials
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• Analyze the key documents that tell
you the financial health of your
business, which are:
1. Profit and Loss Statement
2. Balance Statement
3. Statement of Cash Flows
• You have to look at your financials on
a month-to-month basis.
4. vVSales
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• Next, look at your sales for the year and
answer the following questions:
• Which sales systems are working?
• Which ones aren’t?
• Which products and services sold
better than expected?
• Which products and services sold
worse than expected?
• Which sales channels generated the
most revenue?
5. vV
Human Resources
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
• Make a list of every employee and
contractor in your organization.
• Calculate each of their total costs.
• Include every aspect of their
compensation packages.
• Analyze each employee’s performance.
• Determine if the results were worth
the costs.
• Consider the following questions:
• Who do you need to fire?
• Who needs to be put on a
Performance Improvement Plan?
• Which areas do you need to hire
more people?
6. vVProjects
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• Your projects include any campaign
you’ve launched or strategy you’ve
implemented.
• Look at each project and ask:
• Was the project completed on
time and on budget?
• Did the project miss or exceed
the expected results?
• If the project missed
expectations, what caused this
failure?
7. vV
Marketing and Investments
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
• Marketing is your most
important investment.
• Take a look at what campaigns
worked and what didn’t
• Some of your expenses are also
investments.
• What investments did you
make this year?
• Did they pay off?
8. vV
Outstanding Debt
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
• The second to last step is to look
at your debt service analysis.
• How much is it costing to
service this debt?
• What is your profit after
servicing your debt?
• How can you reduce this
debt?
9. vV
Contract Pricing
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
• The final step of your annual
business review is to analyze all of
your vendor contracts.
• What vendors or online services
do you pay for, but hardly use?
• What vendors or online services
are most useful to your
business?
• Which vendors can you re-
negotiate with based on your
high-volume orders?
10. vV
Scheduling Your Annual
Business Review
Business Coaching Inquiries: (844) 884-8264 | titaniumsuccess.com
• It takes 2 days to complete this annual
business review.
• The first day is for the actual review.
• The second day is for making my
annual business plan for next year.
• Get out your calendar and schedule a
weekend to conduct this year’s review.
• This small commitment will have a
monumental impact on your
business.
• Consult with a business coach to get the
most out of your review session.
11. BUSINESS DOWN
TO A SCIENCE
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