Six Steps To A Successful Mid-Year Business Review
Do you know how well your business is progressing as we hit the middle of 2017? If the answer is no, you’re not alone - 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.
With the halfway point should come the mid-year business review – an objective assessment that can help boost your company’s performance for the rest of 2017.
Size doesn’t matter – a mid-year review can help anyone from a sole trader to a multinational corporation – and it doesn’t have to be a painful process. Follow our six easy steps and you can conduct a review that’s stress-free, comprehensive and useful:
Step 1: Prepare properly
First, you need to set aside a suitable time to conduct the review. This should be at least a couple of weeks ahead, so everyone that needs to be involved has plenty of notice.
Make sure you 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.
Step 2: Check your goals
You undoubtedly have goals and targets for 2017. Obviously, the nature of these will depend on your business, but – whatever they are - now is the time to check on progress and ask two major questions: Where should you be by this time in the year? And where are you?
Step 3: Review your staff
The year’s halfway point also gives you the opportunity to review employee performance and report back to them. It’s important to be supportive, so be careful to highlight what the employee is doing well, then touch on what needs to be improved. Also, encourage feedback and suggestions.
Step 4: Review your customers
Clients are the lifeblood of your business, so it’s also important to take stock of your customer relationships and see if anything needs changing. Do any of your clients have unresolved complaints, or outstanding orders? Are there any actions you need to take – such as visiting clients?
Step 5: 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. Or, if the situation is better than expected then your staff should be praised, and possibly rewarded, and encouraged to keep up the good work.
Step 6: Review targets
In another six months you will need to do this again, for your end of year review. So, now is the time to review your annual targets and possibly set new goals. It may be that growth has been slower than expected and targets have to be downgraded. Equally, it could be a great year and you need to set higher targets to encourage momentum.
