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A simple mid-year review
The mid-year business review—for some entrepreneurs it’s a dreaded and daunting task. If this is the case for you, unclench your teeth and relax. Let us walk you through three simple questions to assess your business and help you focus on what is truly important as we head into the second half of the year.
Question 1. What are your successes so far this year?
Starting with the positive aspects of your business is always a good practice. Make a list of your biggest wins this year and how you achieved them. Writing down the practices that worked, goals met, the number of satisfied customers and revenue gains will help you better understand the positive patterns to repeat, as well as next steps to take, in order to continue improving your business.
Question 2. What has not proven successful this year?
This part of the process is likely why you’ve put off conducting a mid-year business review. While it can be difficult to look at the elements that didn’t work, it is absolutely necessary if you are going to correct bad patterns and improve results moving forward. Look at mistakes that were made and any areas of your business that are not performing optimally. Next, give some concentrated thought to understanding the underlying reasons for these issues.
If your business is losing money, now is the time to drill down into the numbers. Be sure to use your employees and customers as resources. Staff can shed light on blind spots in your business, while customers can provide direct feedback on service experience and product satisfaction. Write down every issue uncovered along with potential resolutions. This will help put your business in a better position as you approach year-end.
Question 3. What would a more positive future look like?
Visualizing how you want your business to perform is a critical step in the process. Develop a mid-year plan supported with concrete steps to achieve your business goals for 2020. Be sure to set realistic numbers for projected year-end goals. By recording everything you want to achieve, you create a structured roadmap and the accountability required to get you to your goals.
To make sure your plan is easily accessible and always top-of-mind, post it in a place where you can see it on a regular basis. Take the time each day to review your goals as a reminder of your commitment to making positive changes in your business.
Once you have a clear picture of what is working and what is not in your company, consider making an appointment with our firm to review key financial indicators. We can offer proven strategies to help you stay on track with your 2020 financial goals.