Mid-Year Business Review: How well is your business progressing?
Do you know how well your business is progressing as we hit the middle of 2018? If the answer is no, then it’s time to pause and do an objective assessment that can help boost your company performance for the rest of the year. I know it’s all too easy to get wrapped up in the day-to-day running of a company and lose sight of your goals. But, you shouldn’t wait until the end of the year to assess your situation.
Here are some steps I suggest you can follow for your Mid-Year Business Review:
- Prepare properly – Set aside some time, brief your managers properly and ask them to prepare all necessary documents for review, such as sales figures, marketing plan, financial records, staff reviews etc.
- Check your goals – How much progress have you made? Where should you be by this time in the year and where are you?
- Review your staff – Check employee performance, highlight what they’re doing well and what needs to be improved, encourage feedback and suggestions.
- Brief your staff – When you know the situation the company is in, it’s time to tell your workforce. Your staff may need to up their game if your findings show you’re behind the pace. If your position is better than expected, praise and possibly reward your employees and encourage them to keep up the good work.
- Review targets – Now is the time to review your annual targets and possibly set new goals. It could be a great year and you need to set higher targets to encourage momentum.
Related article: what you should do before year-end business close
