Do you do anything significant at the end of the year in your business? I love to do a business review at the end of each year. What worked, what didn’t? I also take time to reflect on my achievements as being in business alone means that these can sometimes go unnoticed or uncelebrated.

I’m going to take you through the steps I take and the steps I recommend in Private Practice. These will ensure you are starting the next year with the best possible foresight and knowledge.

First Things First

Take some time for some reflection. This year I have got into the practice of journaling. This has helped me focus on processing what has happened but also what it is I want. Some journal prompts for the end of the year in your Practice could be:

How am I feeling about this year?
Did I accomplish everything you wanted to? If not, why?
What do I want to do differently next year?

Your Goals

Did you set goals for yourself this time last year? Take a look back over them and see how you did. It’s good to have some goals, whether they’re financial, client-led or any other type. If you didn’t set any for this year, take some time now and set some for this coming year.

Your Health

How are you feeling at the end of this year? Are you tired? Are you excited for next year? These questions may give you an indication of how things have gone in your business. Could you make improvements in your business that would impact your overall health and wellbeing?

What Worked & What Didn’t

Was there anything that worked well in your practice this year? Write down everything you think you did well so you know to keep doing more of this in 2022. On the other hand, what didn’t work so well? Write that down too and evaluate why it didn’t work. Could it be improved or should you stop wasting your time on it?

Systems

We heavily rely on our computers to complete the majority of our work. Hopefully, you had a lot less printed paperwork to sort through. That would therefore mean you have a lot of sensitive, confidential and important details stored on your computer.

Backup Your Computer

I’ll repeat, backup your computer. If you are not using a cloud-based server this should be a monthly or automated task. You can do this by simply buying a USB and backing up all your data. Or, you can look to either use a cloud server as a backup or switch to a cloud server like Google Drive as your main storage system.

Client Files

Now is also a great time to look at your client files. Are there any you no longer need? Is your internal filing system working for you? Is there a logical and systematic way to your filing so you could easily find the information you require in an emergency? Are you following GDPR guidelines around how they are stored? Use this time to tidy this up and create a better system for yourself if needed.

Platforms & Apps

I have active logins for websites and apps I don’t use anymore. My phone also told me I used the same password for multiple sites which is less than ideal. So I spent an evening cancelling platforms I don’t use and changing passwords where I had used the same one. Tedious…yes, necessary…also yes.

Saving your passwords on Google Chrome, your phone or using Lastpass makes it much easier to use different and more complex passwords. This is better for your online security without using any memory power.

Take a look at the platforms you are using and see if they are serving you as they should. There might be something better for you OR something that can encapsulate a bunch of the systems you’re using. Check out my top recommendations for systems you should be using in Private Practice.

Financials

Looking at your financial information at this time of the year is a must in my opinion. Knowing how your business is doing ahead of the financial tax year gives you the power to make decisions or change how you are working.

Cash Flow

Now is a great time to review your invoicing procedures. How are you getting your money for your sessions? Could this be better? I have a free invoicing download that goes into much more detail about the best way to invoice. It will give you some tips on the pros and cons of each way you can invoice in private practice.

Accounts

Regardless of how you complete your accounts, you need to know how you are doing before the end of the financial year. I complete my accounts each month so I always know how my business is looking financially. The end of the year however is a great time to catch up on this if you’ve fallen behind especially with the self-assessment deadline looming. If you’d like an easy bookkeeping template check out my template page.

Complete Self-Assessment

The deadline to complete online Self-Assessment tax returns for 2020 to 2021 is 31 January 2022. If this is the first time you are completing a self-assessment you will need to make sure you are registered and this can take a couple of weeks. Do not delay with this or you may have to pay a penalty.

Examine Your Staffing Needs

Are you currently utilising the professional help of others? Are you happy with how that’s working for you and do you think you may need some additional help for the upcoming year?

Professional Advisory Team

This can be your accountant, supervisor, and virtual assistant to name a few. I would recommend asking yourself a few questions about everyone you deal with from a professional standpoint.

Are they helping you reduce your workload or do you find yourself re-doing work they’ve completed?

Do you believe you are getting good value from their service?

When was the last time you had a meeting with them to discuss your business?

Are they still the right fit for your business?

Get a meeting booked in for the New Year for anyone you currently work with to advise them of your business goals. If you’re thinking about getting a VA in the new year check out how you can work with us.

Online Presence

Now is a great time to also take a look at your online presence and make sure that everything is still up to date.

Audit your Website

Is your website clear on what you are offering and to who? Are you putting your fees up next year? This will need to be updated on your website. Are you still happy with the graphics, pictures, and colour scheme? First impressions matter and this can be the first look into you and what you’re offering. Check all the links are still working and up to date. You can read more about Private Practice websites HERE.

Audit your Social Media

Even if you are not present on social media from a business point of view it’s a good idea to at least have a LinkedIn profile set up and up to date. Have you completed any CPDs that would be good to add to your profile? Are you connected to many other therapists and peers? Send out some friendly invites to connect as networking is a great way to get referrals. Remove anything no longer relevant and take a look at your About Section.

Audit your Directory Listings

When was the last time you updated your directory listing profile? You can do Tamara Howell’s free How to Write Your Psychology Today Profile which takes you through the process step by step.

To recap these are the 5 areas on the end of year business checklist:

You
Computer Systems
Financials
Staffing
Online Presence

Conclusion

This may seem like quite a daunting assignment so I would set aside specific time to go through each individual item. They may not all get completed by the end of the year but having a plan to look at them over the next 4-8 weeks will get your new year off to a great start. It will also give you the confidence to start making any necessary changes.

If you’d also like to systematise your Practice next year so you can be on top of lots of this why not consider an Online Setup. Get your practice streamlined and organised in around 6 weeks. Give yourself more free time and feel more confident with all your Practice processes. Book a discovery call to talk to us about this.

End of Year Business Review