This is a contributed article.
Sometimes, you have to see where you’ve been to see where you’re going. We’re sure that’s a cool quote to start the latter half of the decade with! So, as the new year approaches, it’s the perfect time to reflect on your business performance and ensure everything is on track.
This can be easier said than done, but it’s worth doing regardless. After all, sometimes you can only really gain the full picture of your business when dusting off the cobwebs and trying to learn more about how it actually functions. Sometimes this means looking in areas you’ve been putting off for a while, or finally cutting past those quick fixes you implemented to sustain more structural solutions to mistakes made.
Don’t worry, almost all businesses go through these adjustments, and they’re also something of a symbol for life itself. In the following post, we hope to explore three business audits you may consider making after the new year hits:
Table of Contents
1. Financial Health Checks
You need to know how every penny is accounted for, and your taxman likely agrees. So, making sure a detailed review of your balance sheet can help you find discrepancies. At best, you’ll see everything is fine, at worst, you might uncover a years-long embezzlement scheme, but both are healthy for your business in the long run.
You can hire an impartial accountant to check your income statements, balance sheets, and cash flow reports, making sure to look for trends that might indicate where you can cut costs or reinvest. From there, it’s also a good idea to review your pricing strategy to see if you’re as competitive as you could be. While you’re at it, examine recurring expenses like software subscriptions or unused services too, as you might be surprised by how much you can save by streamlining.
2. Operational Processes Review
Efficiency doesn’t just happen out of thin air unfortunately, but operational audits can uncover bottlenecks and areas where workflows can improve, and that’s a decent start. So, start by reviewing your project management systems and communication tools to see if you’re actually assigning and collaborating as well as you could be. This can also inspire you to take a close look at your supply chain if you’re in product-based industries, such as if vendor relationships are as useful as they once were, or if you need to negotiate. Just remember that implementing input from your team is invaluable here. The people working within these systems often have the best perspective on what’s working and what isn’t.
3. Digital Presence & Website Audit
Many people somewhat know what the idea of a digital audit is, but aren’t certain how to implement it. Let us help you! Putting it simply, a full digital audit starts with your website. Is it fast, user-friendly, and optimized for mobile? Outdated design or broken links can make potential customers lose confidence in your brand, so make certain to use web developers to help optimize and remove dead links. From there it’s smart to hone into your traffic and engagement data. Using website analytics services can help you understand how visitors interact with your site, which pages perform best, and where people are dropping off. From there, use a cybersecurity outfit to test for vulnerabilites, because unfortunately in our digital landscape, someone is bound to try you sooner or later.
Business Audits for 2025
With this advice and these three business audits completed, we hope your business will thrive in the latter half of the 20’s!