The Entrepreneur’s Review & Reflect Guide

How to harness the power of reflection to help yourself, your employees, and your business do better.

Few entrepreneurs give themselves the time for reflection. As a visionary, your sights are set far and wide; as a trailblazer, you’re always on the lookout for the next big business idea; and as a high achiever, you instinctively want to push ahead and work harder. Hitting the pause button sounds counterintuitive, but stopping to think can be a powerful driver for success.

We recommend investing the time for a deep review and reflection at least once a year. To help you along, we have developed the Lifepreneur Review & Reflect Guide. This is a collection of simple but often overlooked questions that, when carefully considered, may help you glean new business insights. Here's how to get started.

1. Review & Reflect on Your Team

Who are your superstars?
Your people are your most valuable asset so this is a good place to start. What makes your top performers great at what they do? Can they be groomed to take on bigger roles? What retention strategy would be suitable for them?

Who isn’t performing?
It’s just as important to identify the employees who aren’t performing up to par. What is the root cause? Realistically, is this something that can be addressed? Is there a more suitable role for them in the company or should you consider replacing them?

2. Review & Reflect on Your Capabilities

Do you have the right in-house capabilities?
While your company’s core competencies are unlikely to change, capabilities, especially in terms of skills and knowledge, do need to be constantly updated. Are your current in-house capabilities sufficient to achieve your business goals? Will investing in new capabilities create more opportunities for success?

Should new skills be acquired or hired?
If new skills are required to take the business forward, an important consideration is how to bring these on board. Can your current team acquire these new skills to a satisfactory level at a reasonable time and cost investment? Or, should you hire for new skills?

3. Review & Reflect on Your Traction

What went well, what didn’t, and why?
Look back on a fixed period in time, whether it is the past year or past quarter, to tabulate your wins and losses. This should go beyond dollars, cents, and your P&L statement to include everything that impacts and influences your business success.

What were the good and bad surprises?
Acknowledge and address the unexpected, regardless of whether they had a positive or negative impact on your business. While hindsight is always 20/20, it’s still worthwhile to think about whether there were foretelling signs that you neglected.

We hope that our Review & Reflect Guide has provided you with some thought-starters to begin your own lookback. For more resources on strengthening your business, download The Essential Entrepreneur Exercise Toolkit here.

These five strength exercises are part of The Essential Entrepreneur Exercise Toolkit.

For more details and tips, and a handy checklist summary, download your complimentary copy now.
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