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As we approach the end of 2022, it is a great time to review what you have achieved this year and plan how you can use these findings to shape your 2023. To help you undertake a comprehensive review of your annual performance, we have created a handy end-of-year checklist.

Let’s take a look at the most important areas of your business that should be the focus of your review and determine how they can help you set your goals for the year ahead.

Financial Review

It goes without saying that your recruitment business’s finances will be at the top of the list of your review. End-of-year financial reports can help you identify and quantify what you have achieved in 2022, they can also help you determine any shortfalls or areas of improvement.

Completing a detailed cash flow analysis and profit and loss statement will give you a clear view of your income and expenses. It will help you see if there are cuts to be made to reduce your outgoings and set budgets for the year ahead to grow your business.

Conducting an end-of-year review is a great time to look at your overheads and whether there is any scope to reduce them. If you can, you may also want to consider where that saving could be better used. For example, would it pay the salary of another recruiter or perhaps enable you to upgrade your CRM or other recruitment software?

If this is your first year in business, then the outcome from this review will give you a baseline to benchmark subsequent years’ performance. If you have been in business for two or more years, then you can compare your performance this year against previous years to ensure you are moving in the right direction.

Monitor your Goals

Look back at the goals you set yourself to achieve in 2022, have you achieved them all? Are there any areas you could have done more or done things differently? Understanding where you were at the beginning of the year and where you are at the end of year can help you plan for the upcoming 12 months.

Analyse each goal and the strategies you used to achieve them to determine what, if anything, you could have done another way. With another year of experience under your belt, what you thought was achievable in a year or the way you would achieve may change drastically as you grow to understand your business better.

If you haven’t met all of your goals, don’t worry it is to be expected – especially in the early days of a new business. The most important thing is that you take the learnings from this and apply them to your approach so you can avoid falling short of your goals next year.

Audit your Systems

While you are looking at every aspect of your business, it is a good time to look at the software, subscriptions and systems you have in place. Ask yourself if they are all still needed and if they are all still fit for purpose.

If your business has grown considerably since the beginning of the year, you may have outgrown some of your software and systems and need to look at upgrading them. You may also discover from the audit that the system you thought you needed hasn’t added any benefit and could be removed to help reduce your overheads.

Cleanse your Data

If your data isn’t clean and up to date, it offers little value to your recruitment business. Start 2023 off with an up-to-date database full of candidates and clients that are looking to engage with you.

When you are running your own recruitment business your database can often be neglected, but by making time at the end of year to cleanse it you can be sure you are starting the new year on the right foot.

Review your Marketing Campaigns

Collate all the data for your marketing campaigns for 2022 to refresh yourself on the marketing efforts you implemented and the results they achieved. This can help you plan your marketing calendar for the new year and is a good way to review what has worked for you and what hasn’t so you can be sure that you are getting the most from your marketing budget.

Are you ready to go solo?

If you are ready to elevate your income, enhance your work/life balance and take the next step of your journey, download The Ultimate Recruitment Business Startup Guide 2023 Edition to get you started.

It takes courage and resilience to start your own recruitment business. There is more responsibility with being a business owner than with just being a rockstar recruiter. However, you don’t have to take the journey alone, SSG is here to provide the support you need.

From help with marketing to accounting and technical support and client support services, our team of experts are on hand to help you manage the day-to-day aspects of running your business so you are free to focus on what you do best – billing.

Next Steps

Ready to talk to us? Schedule a call today with a member of our team to see how we can help you launch and run your own successful recruitment business.

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