Founder check-ins: Company Annual Review

When’s the last time you had a proper sit down and chat through how things are going?

If you have been working in a start-up that is scaling, remember to make time to sit back, think and talk about where the company is going, how the market is looking and how your lives are going. 

Much like individual annual reviews, the company needs one too. 

Take the opportunity to review the original business plan. While this can seem tedious, I’m not talking about rewriting it. But you should cover some or all of the main headings. Market analysis and competition, SWOT, Product/Service description, people and expertise and so on. 

See, already you are starting to realise how these things have changed.

Let’s take market analysis and competition as an example:

• When’s the last time you sat as a group and discussed what is going on in the market, how the company fits in right now and where you want to be next year?

  
  

• What is your current market share? How does that compare to previous years and to your original plan?

  
  

• Have you pooled your competitor information somewhere over the year? If so, go through what you know as a group and what, if anything, will affect how you do things differently as a result of what your competition is up to. If not, how can you change that this year? Can one of you take the lead in keeping track of competitors?

  
  

• What has the product lead got planned for this year? Does it fit with the market and competitor activity?

  
  

• What is the overall plan for the company for the next two years? Are you looking to expand? If so, by how much and when can you afford to do so? Are you looking to merge, acquire, sell? What do you need in place to make these things happen and how will you do it?

  
  

• A SWOT is a simple tool and there is no need to complicate it. Get a marker and a flipchart, or use a laptop and a screen everyone can see. Get your heads together and get plotting. Be honest with each other and talk about how it is different from previous years, or from when you started out. Get your heads around the threats and opportunities you need to plan for and remember to think about your weaknesses when it comes to recruitment plans for the coming year. What skills are you missing in the team and how will you fill them?

Benefits of regular alignment:

• Clarity for customers: a cohesive message across all platforms creates trust and clarity for potential customers. They'll understand exactly who you are, what you offer, and why they need it

• Professional image: As your company grows, your website and marketing materials should reflect that. Regular check-ins ensure you are presenting as a maturing business

• Aligned team: Discussing your core offering as a group helps everyone stay on the same page. Sales, marketing, and product development can all work towards a common goal with a clear understanding of the value proposition

  
  

Remember:

• Schedule regular check-ins: Take this time seriously as execution is always easier when you have a plan

• Bring materials to review: Come prepared with your website, pitch deck, marketing materials, and recent customer pain points

• Open Communication: Encourage honest feedback from your fellow founders. Their perspectives can help you identify areas needing revision