I want to start this month’s blog with a question: “How was 2024 for you?” You may be the sort of person who is always pushing on, looking forward, striving for the next thing, but it is important to look back, too. An annual review for small businesses is invaluable in providing objectivity. 

It will show you what you need to work on, what you can let go, and provide information to help your business to grow.

I will get you started by telling you a little bit about my 2024, and how lessons I learned from an annual review for small businesses in 2023 helped me to change things so I could move forward at a more manageable pace.

2024 Annual Small Business Review
January 2024

This marked my return from Australia. I had been there six times in just over a year, being an advocate for my brother, Brian. He spent 15 months in a brain injury rehabilitation unit, recovering from a serious accident.

Yes, all that worry and travelling to the other side of the world had been hard on me, my family and my business, and I had to stop and take stock as 2024 began.

 In addition, I was recovering from a serious burnout that hit me during the last quarter of 2023. You can read more about what happened and how it affected me in an earlier blog called, ‘Why a small business annual review is necessary.’

Early in 2024, during my recovery from burnout, I realised that something had to change. We all know that feeling, don’t we? 

That we are trapped inside a large hamster wheel, pushing ever harder, but there are never enough hours in the day to get everything done. That was me. Although I didn’t see it that way at the time, being forced to stop when that metaphoric truck hit me, was actually a blessing in disguise!

Why? Because it made me take stock. It showed me that I couldn’t carry on being a ‘busy fool’. Something had to give.

We all know the components of a business review and if we don’t they are easy to find online. But what about you? Everything you do in your business affects you, your family, your wellbeing.

I would therefore urge you to take some time out this festive season. Give yourself some space. Then conduct an annual review for small businesses, but with these questions in mind:

  • What impact has your business had on your stress levels, and your work-life balance?
  • Business goals are one thing, but what about your personal goals? Have you made any progress towards achieving them?
  • How has your business affected your personal finances? Have you been able to save towards personal goals, or has the business swallowed up all your money?
  • How has your business affected your work-life balance? I bet you decided to set up your business to spend more time with family and friends and step down from the work-work treadmill. Have you succeeded?
  • Have you had any time during 2024 to pursue personal development goals?
  • Be honest – do you have any regrets? Missed family outings/occasions, for example

Reflecting on the personal aspects of running your own business will give you a more 360 degree understanding. 

It will enable you to make more informed decisions about the future direction of your business, to better meet your personal goals, as well as your business ones.

Finding Focus as an Online Business Manager

As stated earlier, during my 2023 business review, (and enforced rest!), I decided to change direction slightly, by narrowing the field of focus for my business services. 

When I looked back, I could see that I had been spreading myself too thinly.

So, I took the decision to relaunch Spero Solutions as an online business manager service only. Concentrating my efforts on being an online business manager has enabled me to continue to offer a high level of support to my existing clients, as well as welcome on board lots of new small business owners. 

And, in doing so, I have finally found my groove!

It was the best decision EVER! In trying to do everything in my business, ended up burning out. If this is you, you may like to read one of my previous blogs called ‘How to stop doing everything in your business.’

Personal Annual Review

I can honestly say that this year has been much calmer. Yes, I haven’t been jetting off on long-haul flights every couple of months, which has definitely helped. But refining my offer to an online business manager service and refocusing on my personal goals has meant:

  • I have achieved a better work-life balance.

I choose the hours I work and can focus on helping small business owners, helping them to achieve a better work/life balance too, by providing an online business manager service to help their businesses grow, without requiring them to do everything!

  • I make sure that I take time out of the business for personal development, broadening my horizons by taking up new hobbies
  • I finally got off that treadmill by making sure that the business helps me to live the life I want, rather than living for my business

And guess what? The sky didn’t fall down. The business didn’t fail, in fact it is even stronger. I have been able to recover from burnout and take more time out for myself and my family.

What is even more amazing is that I have given myself the opportunity to take up new hobbies – knitting, upcycling furniture and photography. 

All of which have helped me to switch off from my whirlwind of a life.

As a result of conducting an annual review for small businesses, but homing in on my personal goals, I have become a better person. 

Of course, I am still working hard on running my business but focusing on my personal goals helped me to redraw and refine my business goals to achieve a much better work-life balance. I am healthy, happy, fulfilled and successful and Spero Solutions is going from strength to strength – what more could anyone want?

2024 was also a momentous year for me and Spero Solutions, as we were shortlisted for not one but two business awards! This recognition felt like a much-needed acknowledgment of the hard work and dedication that went into refining my business and focusing on what truly matters. It reinforced the importance of stepping back and taking the time to align my business goals with my personal objectives. Being shortlisted was a proud moment, not just for me but also as a testament to the positive impact Spero Solutions has had on helping small business owners thrive. 

I hope that this blog has inspired you to remember why you started your business in the first place. 

If you need help in stepping back to make more objective decisions about the future direction of your company, a Spero Solutions online business manager can relieve you of the stress of day-to-day management, giving you the time and space to focus on your personal life and goals. 

Simply call Elaine on 07846 754 747 to learn how an online business manager can help you to refocus on what is important.

So, as we enjoy this festive season and head towards 2025, let’s wrap up this year on a high note and carry the momentum into next year by performing an annual review for small businesses, focusing on the questions I provided earlier in this blog.