We’re officially midway through the year, and now is an important time to evaluate all that you have done with your small business over the last six months. Have you reached/begun to reach any of the goals you set in January? Have the waters of the first half of the year been smoother or choppier than expected? What do the next few months look like?
While the previous questions may be too broad to answer right now, answering the following questions will give you a start on your mid-year review, and get you ready for the rest of the year:
- “How’s everything going?”
No, really… how is everything? Answering this question seriously will allow you to be honest with the progress and status of your business. Make sure you’re reflecting on the actual state of your business, not where you wish it was and gather a thorough understanding of factors contributing to your current status in order to make necessary changes.
- “What’s not working?”
While you are going back, take note of the things that did not work for your business (and things that did). Ask yourself and your team, “Why wasn’t this effort successful? Is there another way to revamp this effort that may be better suited for your customers, or should you scrap the idea altogether?” Compare what worked to what didn’t, and try to apply the difference to have more success in the upcoming months.
- “What changes can I make?”
This question is more or less a follow up to Question #2. Once you have identified what is and is not working for your business (from the services you’re providing to your marketing strategy to your physical location of business), you are able to make changes to solve problems. While not all of your solutions may come quickly, this would be the time to begin the change toward improving your problem areas. Many business owners find at this time they need help in deciding where to take their business next. Consulting with a professional, like a Florida Capital Advisor, can open your eyes to opportunities that you may not have thought about otherwise.
- “Am I on track?”
If you’re looking at the goals you’ve made at the beginning of the year and your status in the middle of it, where are you? Have you strayed from what you originally set out to do, or are you headed straight for success? Looking at the beginning of the year gives you the opportunity to reset your course and get refocused on your overall goal if needed.
- “When should I make my next review?”
At the very minimum, you should review the progress that your business has made twice every year. However, business owners who go back to review their business every quarter (specifically their finances) find that they have more success than those who look back only in the middle and at the end. In efforts to remain on top of all factors that add to the success of your business, your next review should come somewhere in the next 90 days.
The point of a mid-year review is not to dwell on the negatives, instead evaluate your company as a whole and find ways to make it better. Your (honest) answers to the questions posed provide a foundation of your business’s current status, allowing you to dig deeper (into things like finances, employees, equipment, etc.) to produce a thorough evaluation in preparation for a more successful future.