What should you cover in a mid-year review?
Now that we are halfway through 2022, it is time to assess your business. Business owners can use mid-year reviews to evaluate their business and adjust to reach their goals. A reality check can be a great way to improve the performance of your business over the second half.
It takes time and dedication to conduct a valuable assessment. Make sure you have time to prepare for your evaluation. It should be treated with the same importance you would a customer meeting. You should schedule the review for at least two weeks to have all the necessary data and documentation, such as a sales summary, marketing plan, or financial records.
Your mid-year review may cover different aspects depending on your circumstances, but at the very least, it should include these points.
BUSINESS GOALS
Your business goals go beyond a list of items. These goals are a snapshot of where your business was when you set them. Therefore, they may need to be adjusted from time to time. Your mid-year review is the best time to do that. Businesses evolve and change for many reasons. A long-term contract ending or a change in scope and vision are two reasons companies can change.
Take into account the following:
Do your original goals still have relevance?
What are you proudest of?
Were any milestones missed? Why?
Are there new priorities that call for new goals?
WHat’s working
Next, think about your strategies and methods. What works well and what doesn't? Perhaps you were too focused on a marketing channel that wasn't converting. Maybe you started a partnership that drains a lot of energy but delivers little value. Six months have passed. There's still time for the tide to turn.
Cash Flow and Budget
No matter what your business is or how it has been set up, these are essential things to remember:
Are there collection issues that require attention? Are you on track for your target income?
Are you able to manage your expenses effectively?
Are you ready to increase your rates?
If you are struggling, you can reduce your business expenses, improve your offerings, or adjust your marketing activities.
REVIEW YOUR MARKETING
Marketing can be a blessing throughout the year. Now is the time to review your promotional activities and evaluate their performance after six months. Compare your digital and traditional marketing efforts. You can assess if your marketing assets could be updated or given a makeover. Do a cost-benefit analysis of ongoing activities to determine if you should cut or amend.
It's a great time to review your customer portfolio in the middle of the year. Do you have a balanced customer portfolio? Are you able to retain enough clients over the long term?
Take a look at the overall picture to complete your review. Then, identify some actions based on your findings. These will guide you in the six months ahead. Next, celebrate your accomplishments. You can also praise yourself during mid-year business reviews.
