--- title: The Annual Business Review Every SME Should Complete Before the New Year description: Learn how Irish SMEs can complete an annual business review, assess financial performance, improve cash flow and prepare practical priorities for 2027. image: https://amergin.ie/hubfs/Annual%20Business%20review.png --- [Skip to content](https://amergin.ie/blog/the-annual-business-review-every-sme-should-complete-before-the-new-year#main-content) [![logo amergin PNG-1](https://amergin.ie/hs-fs/hubfs/logo%20amergin%20PNG-1.jpg?width=102&name=logo%20amergin%20PNG-1.jpg "logo amergin PNG-1")](https://amergin.ie/en/) - [Home](https://amergin.ie/en/) - [About Us](https://amergin.ie/en/about-us) - Services - [Financial Planning for Business Owners](https://amergin.ie/en/personal-financial-planning-for-business-owners) - [Business Advisory](https://amergin.ie/business-advisory) - [Marketing MaaS](https://amergin.ie/marketing-services-amergin-group) - [Who We Help](https://amergin.ie/en/who-we-help) - [Client Cases](https://amergin.ie/our-clients) - [Blog](https://amergin.ie/blog) - [FAQs](https://amergin.ie/faqs) - [Contact Us](https://amergin.ie/en/contact-us) - [Book a Meeting](https://amergin.ie/en/booking) Nov 12, 2026 # The Annual Business Review Every SME Should Complete Before the New Year [Amergin Group](https://amergin.ie/blog/author/amergin-group) ![](https://amergin.ie/hubfs/Annual%20Business%20review.png) P*ublished:  November 2026 Author: Amergin Consulting Ltd. Target Audience: Business Owners, Small Business Seeking Financial Stability, Entrepreneurs, Start-Ups, Irish SMEs Book a meeting: [https://calendly.com/amergin-group\_free/30min-finance-consultation](https://calendly.com/amergin-group_free/30min-finance-consultation)*    As the year draws to a close, many Irish business owners find themselves focused on finishing projects, collecting outstanding payments, managing payroll and preparing for the Christmas period. With so much happening, reviewing the overall performance of the business can easily become another task postponed until January. However, the final weeks of the year provide one of the most valuable opportunities to assess where the business stands and what needs to change. An annual business review is not simply about looking at revenue, profit or the latest management accounts. It is about understanding what worked, what did not, where resources were used effectively and whether the business is financially and operationally prepared for the year ahead. For Irish SMEs, this process is particularly important. Rising operating costs, staffing pressures, changing compliance requirements and unpredictable customer payment patterns can all affect business performance. **A business can be busy, growing and generating sales without necessarily becoming more profitable or financially resilient.** At Amergin Consulting, we work with Irish SMEs to improve financial visibility, strengthen business planning and make more informed decisions. This guide explains the essential areas every SME should review before the new year and how to turn those findings into a practical plan for 2027. ## Why Every Irish SME Needs an Annual Business Review Many business owners judge performance by how busy the company has been throughout the year. A full order book, growing customer base or increasing turnover can create the impression that everything is moving in the right direction. However, activity and profitability are not the same thing. A company may generate more revenue while experiencing lower margins, higher employment costs or increasing pressure on cash flow. An annual business review helps management look beyond day-to-day activity and understand the wider financial and operational position. ### A practical example Consider an Irish engineering services company that increased annual revenue from €2.2 million to €2.6 million. On the surface, the additional €400,000 in sales appears to represent strong growth. However, the business also experienced higher subcontractor costs, additional overtime and slower customer payments. As a result, profitability did not improve in line with revenue, and cash became tighter during the final quarter. Without a structured annual review, management might enter the next year focused on winning more contracts without addressing the underlying margin and working-capital problems. The review creates an opportunity to understand what the numbers are actually saying. It also provides a foundation for setting realistic priorities rather than simply repeating last year's approach. ## 1. Start With the Financial Results The first stage of an annual business review is understanding the company's financial performance. Business owners should compare actual results with the original budget, previous-year figures and any forecasts prepared during the year. This helps identify whether the business achieved its financial objectives and where significant differences occurred. ### Review revenue performance Revenue should be analysed by customer, service, product or business division where appropriate. Management should consider whether growth came from new customers, existing relationships, price increases or additional sales volume. It is also important to identify any unusual or non-recurring revenue that may not continue into the following year. ### Review profitability Revenue growth should be assessed alongside gross profit, operating profit and net profit. A company may achieve its sales targets while experiencing lower profitability because of increased labour, materials, supplier or overhead costs. Understanding these movements helps management determine whether pricing, operating efficiency or cost structures need attention. ### Review actual performance against budget | Financial measure | Annual budget | Actual result | Variance | | --- | --- | --- | --- | | Revenue | €2,400,000 | €2,550,000 | +€150,000 | | Gross profit | €960,000 | €945,000 | -€15,000 | | Operating expenses | €650,000 | €705,000 | +€55,000 | | Operating profit | €310,000 | €240,000 | -€70,000 | *Illustrative figures only.* In this example, revenue exceeded budget, but operating profit was €70,000 below expectations. The business generated more sales than planned, yet higher costs and weaker gross margins reduced the financial benefit. Management should investigate the reasons behind these differences before setting the next year's targets. ### Questions to ask - Which products or services generated the strongest margins? - Which customers or projects were less profitable than expected? - Did operating costs increase faster than revenue? - Were there exceptional expenses that are unlikely to recur? - What financial assumptions proved inaccurate? The objective is not simply to explain historical results. It is to identify the decisions that could improve future performance. ## 2. Review Cash Flow and Working Capital Profitability is important, but cash flow determines whether the business can meet its financial commitments. An SME may report a healthy profit while struggling to pay suppliers, employees or taxes because customers are taking longer to settle invoices. The annual business review should therefore examine how effectively the company converted sales into cash. ### Review customer payments Management should analyse outstanding customer balances and identify overdue invoices. Particular attention should be given to customers with consistently slow payment patterns or large outstanding amounts. For example, an Irish professional services company may report annual revenue of €1.5 million but have €220,000 in outstanding customer invoices at year-end. If a significant proportion of those balances is overdue, the business may face cash-flow pressure despite strong reported sales. ### Review supplier payments Supplier balances should also be assessed to determine whether the business is managing its commitments effectively. Delayed supplier payments may provide temporary cash relief, but persistent delays can affect commercial relationships and future credit terms. ### Review inventory and work in progress For construction, engineering, manufacturing and other project-based businesses, cash may also be tied up in stock or work in progress. Management should review whether completed work has been invoiced promptly and whether inventory levels remain appropriate. ### Strengthen cash-flow forecasting The annual review should lead to an updated cash-flow forecast that reflects expected receipts, supplier payments, payroll, tax obligations and other significant commitments. A rolling 13-week forecast can be particularly useful for identifying short-term liquidity pressures. Amergin's article on [Cash Flow Strategies for the Second Half of the Year: Strengthening Liquidity and Working Capital](https://amergin.ie/blog/cash-flow-strategies-for-the-second-half-of-the-year-strengthening-liquidity-and-working-capital) explains how structured cash-flow management can help businesses maintain greater financial stability. ## 3. Identify the Financial KPIs That Really Matter Financial Key Performance Indicators (KPIs) help business owners understand performance without becoming overwhelmed by financial reports. The challenge is choosing indicators that support useful decisions rather than monitoring every available number. For most Irish SMEs, a small number of consistently reviewed KPIs can provide valuable insight into profitability, liquidity and operational efficiency. ### Essential financial KPIs | KPI | What it measures | Why it matters | | --- | --- | --- | | Revenue growth | Change in sales over time | Shows business development | | Gross profit margin | Gross profit as a percentage of revenue | Indicates pricing and direct-cost efficiency | | Operating profit margin | Operating profit relative to revenue | Shows operating profitability | | Debtor days | Average time taken to collect customer payments | Highlights cash collection performance | | Current ratio | Current assets relative to current liabilities | Indicates short-term financial capacity | | Payroll cost as % of revenue | Employment costs relative to sales | Supports workforce-cost management | | Operating cash flow | Cash generated or used by operations | Shows the cash impact of business activity | ### Look for trends, not isolated figures A single KPI rarely tells the complete story. For example, revenue growth may look positive until management discovers that gross margins are falling. Similarly, a business may improve profitability while experiencing weaker cash collection. The annual review should consider how different indicators interact and what they reveal about the company's overall performance. ### A practical approach Choose five to eight KPIs that reflect the business model and strategic priorities. Review how they changed during the year, identify unusual movements and agree on realistic targets for the following period. Amergin's guide to [Financial KPIs Every Irish SME Should Track](https://amergin.ie/blog/financial-kpis-every-irish-sme-should-track) provides further guidance on using financial indicators to support better decision-making. ## 4. Evaluate Customer and Revenue Performance Customers are central to business growth, but not every customer contributes equally to profitability or financial stability. An annual business review should assess customer relationships from both a commercial and financial perspective. ### Identify your most valuable customers Management should review which customers generated the strongest revenue and margins during the year. It should also consider payment reliability, service requirements and the resources needed to maintain each relationship. A large customer may generate significant turnover while requiring extensive support, offering limited margins or consistently paying late. ### Review customer concentration Businesses should assess whether they depend too heavily on a small number of customers. For example, if one customer accounts for 35% of annual revenue, the loss of that relationship could create substantial financial pressure. The annual review should consider how customer concentration affects the company's risk profile. ### Review retention and growth opportunities Management should also identify opportunities to strengthen existing relationships. This may include improving service quality, developing additional offerings or identifying customers with potential for sustainable growth. The objective is to build a profitable and resilient customer base rather than focusing exclusively on increasing sales volume. ## 5. Assess Operational Efficiency and Internal Processes Financial results often reflect what is happening operationally. Late invoicing, inefficient workflows, poor project planning and inconsistent reporting can all affect profitability and cash flow. An annual business review should therefore examine whether the company's internal processes are supporting its commercial objectives. ### Review recurring operational problems Management should identify issues that repeatedly caused delays, additional costs or unnecessary administrative work. These may include manual reporting processes, duplicated tasks, inconsistent approvals or poor communication between departments. ### Consider the financial impact For example, an Irish construction company may experience repeated delays in approving completed work for invoicing. Although the work has been delivered, the delay prevents the business from billing customers promptly. This creates additional pressure on working capital and can make cash-flow forecasting less reliable. Improving the approval process may therefore produce a financial benefit without requiring additional sales. ### Review financial controls The annual review should also assess whether the company has appropriate controls over purchasing, expenses, payroll, bank reconciliations and financial reporting. As businesses grow, informal processes that worked with a small team may become less reliable. Clear responsibilities, documented approvals and regular reconciliations help reduce errors and strengthen financial visibility. ## 6. Review People, Payroll and Workforce Costs Employees are among the most important resources within an SME. They are also a significant financial commitment. The annual business review should assess whether staffing levels, employment costs and workforce capacity are aligned with the company's operating requirements. ### Compare payroll costs with business performance Management should review salary expenditure, employer PRSI, pension contributions, overtime, bonuses and other employment-related costs. These figures should be compared with budget and relevant operating indicators. For example, a business may have increased staffing costs by 15% while revenue grew by only 5%. This does not automatically indicate a problem, particularly where recruitment supports future growth, but the difference should be understood. ### Review recruitment and retention The business should assess whether it experienced difficulties recruiting or retaining employees during the year. High staff turnover can create additional recruitment, training and operational costs. Management should also consider whether employees have the skills and capacity needed to support the next year's objectives. ### Consider payroll and pension compliance Payroll accuracy, statutory deductions and pension contributions should be reviewed as part of the wider financial control environment. For employers affected by Ireland's MyFutureFund auto-enrolment system, applicable pension obligations should also be reflected in employment-cost planning. The objective is to understand the full cost of maintaining and developing the workforce. ## 7. Review Tax, Compliance and Financial Reporting An annual business review should include a high-level assessment of the company's tax and compliance position. Irish SMEs operate within a range of financial reporting and statutory requirements, including Corporation Tax, VAT, payroll reporting and company filing obligations. The specific requirements depend on the company's activities, structure and circumstances. ### Review tax liabilities Management should work with the finance team or tax adviser to understand outstanding tax liabilities and expected payments. These amounts should be reflected in cash-flow forecasts and financial planning. ### Review filing obligations The business should confirm that relevant filing deadlines have been identified and that the necessary financial records are available. Companies should distinguish between their financial year-end, Corporation Tax deadlines and Companies Registration Office obligations. These dates do not always coincide. ### Assess internal compliance processes The annual review should also consider whether the company has reliable processes for maintaining records, approving transactions and preparing financial information. Compliance should not depend entirely on last-minute preparation.  Clear procedures and regular monitoring can reduce unnecessary risk and administrative pressure. For official requirements, businesses should refer to the [Revenue Commissioners](https://www.revenue.ie/) and the [Companies Registration Office](https://cro.ie/). ## 8. Identify the Biggest Business Risks for the Coming Year Every business faces uncertainty. Customer demand may change, suppliers may increase prices, key employees may leave or financing conditions may become less favourable. An annual business review should identify the risks most likely to affect the company's objectives. ### Consider financial risks These may include cash-flow shortages, customer concentration, rising operating costs or unexpected tax liabilities. ### Consider operational risks Businesses should also assess supply-chain dependencies, staffing constraints, technology failures and weaknesses in internal processes. ### Consider external risks Changes in regulation, economic conditions and customer demand can also influence business performance. The objective is not to predict every possible problem. It is to identify material risks, understand their potential impact and agree on practical actions to reduce exposure. ### Use a simple risk register | Risk | Potential impact | Proposed action | | --- | --- | --- | | Delayed customer payments | Cash-flow pressure | Strengthen credit control | | Rising supplier costs | Lower margins | Review pricing and supplier agreements | | Dependence on one major customer | Revenue concentration | Diversify customer base | | Key employee departure | Operational disruption | Develop succession and training plans | | Weak financial reporting | Poor decision-making | Introduce regular management reporting | *Illustrative example.* A risk register should be reviewed regularly rather than filed away after the annual planning meeting. ## 9. Compare the Year's Achievements With Strategic Objectives Financial performance is only one part of business success. The annual review should also consider whether the company made progress towards its wider strategic objectives. These may include entering new markets, improving customer retention, developing new services, investing in technology or strengthening internal capabilities. ### Review what was achieved Management should identify which objectives were completed and what contributed to their success. It should also consider whether the original priorities remain relevant. ### Review what did not happen Some projects may have been delayed because of limited resources, changing market conditions or unrealistic assumptions. Rather than simply carrying unfinished objectives into the following year, management should reassess their value and feasibility. ### Identify lessons A useful annual review asks not only whether a target was achieved but why. Understanding the reasons behind success or underperformance helps the business make better decisions. The aim is to distinguish between activities that genuinely support the company's strategy and those that consume resources without delivering sufficient value. ## 10. Prepare a Realistic Budget and Financial Forecast for 2027 Once the business understands its current position, the next step is preparing a financial plan for the coming year. A reliable budget should reflect actual performance, expected market conditions and the company's strategic priorities. It should not simply increase last year's figures by an arbitrary percentage. ### Build revenue assumptions Revenue forecasts should consider existing customers, confirmed contracts, the sales pipeline, pricing and realistic growth opportunities. Management should distinguish between secured revenue and opportunities that remain uncertain. ### Forecast operating costs The budget should include employment costs, supplier expenditure, premises, technology, insurance, professional fees and other operating expenses. Where costs are expected to change, the assumptions should be documented. ### Include cash-flow planning Profit forecasts should be supported by cash-flow projections. The business should consider customer payment patterns, tax commitments, loan repayments and planned capital expenditure. ### Prepare alternative scenarios A single budget may not adequately reflect uncertainty. Management can strengthen its planning by considering different outcomes. | Scenario | Revenue assumption | Management response | | --- | --- | --- | | Base case | Expected trading performance | Maintain planned operations | | Downside case | Lower revenue or delayed receipts | Review discretionary spending and liquidity | | Growth case | Stronger-than-expected demand | Assess staffing, funding and capacity | *Illustrative planning framework.* Scenario planning helps businesses prepare for changing conditions without constantly reacting to unexpected developments. Amergin's article on [Preparing Your 2027 Business Budget: A Practical Starting Guide for SMEs](https://amergin.ie/blog/preparing-your-2027-business-budget-a-practical-starting-guide-for-smes) explains how to translate financial assumptions into a practical budget. ## 11. Turn the Review Into Clear Business Priorities An annual business review only creates value when the findings lead to action. A long report identifying problems is of limited use if nobody is responsible for addressing them. Management should therefore conclude the review by agreeing on a small number of priorities for the coming year. ### Focus on the most important actions For many SMEs, three to five clearly defined priorities are more manageable than a long list of unrelated objectives. These might include improving cash collection, strengthening margins, reducing reporting delays or increasing customer retention. ### Assign responsibility Each priority should have an owner, a measurable outcome and a realistic completion date. For example, a business aiming to improve cash collection should identify who is responsible for the process and how progress will be measured. ### Example: Annual Review Action Plan | Priority | Action | Owner | Target | | --- | --- | --- | --- | | Improve cash collection | Introduce weekly debtor reviews | Finance Manager | Reduce debtor days | | Strengthen margins | Review project pricing | Operations Director | Improve gross margin | | Improve reporting | Introduce monthly KPI dashboard | Finance Team | Monthly reporting by agreed date | | Manage employment costs | Review staffing and overtime | Management | Align costs with budget | | Reduce customer concentration | Develop new customer pipeline | Sales Director | Broaden revenue base | *Illustrative action plan.* The objectives should be realistic, measurable and connected to the company's financial and strategic priorities. ## 12. Schedule Quarterly Reviews to Maintain Progress An annual business review should not be the only time management evaluates performance. Business conditions can change significantly during the year, and plans may need to be adjusted. Quarterly reviews provide an opportunity to assess progress, identify emerging risks and update forecasts. ### Review financial performance Management should compare actual results with budget and investigate significant variances. ### Review operational priorities The business should assess whether agreed improvements have been implemented and whether they are delivering the expected benefits. ### Update forecasts Where customer demand, costs or other assumptions change, the financial forecast should be revised. ### Maintain accountability Each quarterly review should revisit the actions agreed during the annual planning process. This helps ensure that strategic priorities remain part of everyday management rather than becoming forgotten objectives. ## Annual Business Review Checklist for Irish SMEs The following checklist can help business owners structure their year-end review. ### Financial Performance - Annual revenue reviewed against budget. - Gross profit and operating margins analysed. - Significant cost variances investigated. - Financial performance compared with the previous year. - Exceptional income and expenditure identified. - Key financial KPIs reviewed. ### Cash Flow and Working Capital - Outstanding customer invoices reviewed. - Overdue balances investigated. - Supplier liabilities assessed. - Inventory and work in progress reviewed. - Short-term cash-flow forecast updated. - Expected tax and financing commitments considered. ### Customers and Operations - Customer profitability assessed. - Customer concentration reviewed. - Retention and growth opportunities identified. - Operational inefficiencies documented. - Internal financial controls assessed. - Process improvements prioritised. ### People and Compliance - Employment costs compared with budget. - Staffing requirements reviewed. - Payroll and pension obligations considered. - Outstanding tax liabilities assessed. - Relevant filing deadlines confirmed. - Material business risks documented. ### Strategy and Planning - Previous strategic objectives reviewed. - Key achievements and lessons identified. - 2027 budget prepared. - Cash-flow forecasts updated. - Alternative scenarios considered. - Three to five business priorities agreed. - Action owners and deadlines assigned. - Quarterly review meetings scheduled. A checklist provides structure, but the real value comes from the discussion behind each item. Management should use the review to challenge assumptions, understand the reasons behind results and agree on practical improvements. ## A Practical Example: How an Irish SME Used Its Annual Review to Improve Planning Consider a hypothetical Irish engineering consultancy generating annual revenue of €2.8 million. The business has experienced steady growth and increased its workforce during the year. However, management has become concerned about rising operating costs and inconsistent cash flow. ### What the review reveals The financial review shows that revenue increased, but gross margins declined because of higher subcontractor and employment costs. The cash-flow review identifies a growing level of overdue customer invoices. Operational discussions reveal that some projects were not invoiced promptly because supporting documentation was submitted late. The workforce review also identifies increased overtime costs during periods of high project demand. ### What management decides Rather than focusing exclusively on further revenue growth, the company agrees on four priorities for the coming year. First, it introduces a more structured project pricing review to protect margins. Second, it strengthens credit control and implements regular debtor meetings. Third, it improves project documentation and invoicing procedures. Finally, it reviews workforce planning to reduce avoidable overtime and improve resource allocation. ### What changes The business enters the following year with a clearer understanding of its financial position and the operational issues affecting performance. Management has measurable priorities, defined responsibilities and a more realistic financial forecast. The annual review becomes the starting point for ongoing improvements rather than a one-off reporting exercise. This example illustrates how a structured review can connect financial information with practical business decisions. ## Common Annual Business Review Mistakes to Avoid One common mistake is focusing entirely on revenue growth. Although sales are important, management should also consider profitability, cash flow and the resources required to generate that revenue. Another mistake is reviewing financial performance without investigating the operational reasons behind the results. A decline in margins may be connected to project delays, inefficient processes or pricing decisions rather than simply higher costs. Businesses may also prepare budgets without challenging the assumptions on which they are based. If the original assumptions were unrealistic, repeating them can create further problems. A further risk is identifying too many priorities. When management attempts to improve every area simultaneously, resources and attention can become stretched. Finally, businesses should avoid completing an annual review without establishing a follow-up process. Without clear responsibilities and regular progress checks, even a well-prepared action plan can lose momentum. ## How Amergin Helps Irish SMEs Turn Annual Reviews Into Better Decisions At Amergin Consulting, we believe that financial information should help business owners make better decisions. Our services include Accounting, Taxation, Payroll, management reporting, budgeting, cash-flow forecasting and Fractional CFO support. We work with Irish SMEs to strengthen financial visibility, improve reporting processes and connect financial performance with business strategy. This can include reviewing management accounts, identifying key financial indicators, analysing profitability, assessing cash-flow requirements and supporting the preparation of financial forecasts. For businesses experiencing growth or operational change, an external financial perspective can also help management challenge assumptions and prioritise improvements. Our objective is not simply to explain what happened during the year. It is to help business owners understand what those results mean and what actions can strengthen the company going forward. ## The Deeper Truth: A Good Annual Review Is About Better Decisions, Not More Reports Many SMEs already have access to substantial financial information. They receive management accounts, sales reports, bank statements, payroll summaries and customer data. The challenge is often not a lack of information but knowing which information matters and how to use it. An effective annual business review brings these different sources together and connects them with the company's commercial objectives. It helps management identify the relationship between revenue, profitability, cash flow, customers, employees and operational performance. Most importantly, it creates space to question whether the business is moving in the right direction. **The purpose of an annual review is not to produce a perfect report about the past. It is to make better decisions about the future.** For Irish SMEs, that can mean stronger financial controls, more realistic growth plans and greater confidence when navigating uncertainty. ## The Takeaway: Finish the Year With Clarity and Start the Next With Direction An annual business review is one of the most valuable planning exercises an Irish SME can complete before the new year. It provides an opportunity to understand financial performance, assess cash flow, review customers and operations, evaluate workforce costs and identify emerging risks. The findings should then be used to prepare realistic budgets, strengthen forecasts and establish clear business priorities. A successful review does not need to be unnecessarily complicated. It needs reliable information, honest discussion and a commitment to turning insights into practical action. **Because the strongest businesses do not simply ask whether they had a good year. They ask what they learned, what needs to improve and how they can make the next year better.** --- ## About Amergin Consulting Ltd. Amergin Consulting Ltd. is a Dublin-based chartered accountancy and business advisory firm supporting Irish SMEs and growth companies across construction, technology, professional services and renewable energy. We specialise in Accounting, Payroll, Taxation and CFO Services, helping businesses strengthen financial reporting, manage cash flow, improve profitability and plan for sustainable growth. **Is your business ready for 2027?** Amergin can help you review financial performance, identify improvement opportunities and prepare a practical financial plan for the year ahead. **Book your FREE 30-minute finance consultation:** [https://calendly.com/amergin-group\_free/30min-finance-consultation](https://calendly.com/amergin-group_free/30min-finance-consultation) --- ## Disclaimer This article is provided for general informational purposes and does not constitute accounting, tax, legal, investment or financial advice. Financial planning, compliance obligations and business decisions depend on the specific circumstances of each organisation. 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Published:  November 2026
Author: Amergin Consulting Ltd.
Target Audience: Business Owners, Small Business Seeking Financial Stability, Entrepreneurs, Start-Ups, Irish SMEs
Book a meeting: https://calendly.com/amergin-group_free/30min-finance-consultation   

As the year draws to a close, many Irish business owners find themselves focused on finishing projects, collecting outstanding payments, managing payroll and preparing for the Christmas period. With so much happening, reviewing the overall performance of the business can easily become another task postponed until January.

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