Business owners and managers are often familiar with giving employees mid-year reviews, using them as an opportunity to offer feedback based on their performance to date. However, employee performance should not be the only area that business owners assess during the year. The year is close to being halfway over, leaving you with six more months to accomplish the goals you set for your business this year.
The thought of analyzing your business’s progress over the year to date and preparing to make changes may seem overwhelming. To help you navigate this process, here are three things every business owner should consider in their business’s mid-year review.
- What is the status of your business? Acknowledging where your business stands in relation to where it was at the beginning of the year is one of the most important ways to determine how much progress has been made. Some business owners start by looking at metrics. Have sales increased? Has customer feedback been more positive? And ultimately, do these results align with the goals you set at the beginning of the year? This is one of the best ways to determine how your business has progressed throughout the previous six months.
- How has the business environment impacted your goals? With market environments constantly changing, it is important to consider how this affects your business’s success. Is the market stronger, weaker or what you expected when you first set your goals? If the environment is stronger, you may be closer to achieving your goals than expected and can focus on other areas. Be proactive in understanding where your business stands in relation to outside factors, including competitors, and be able to evaluate where you can find additional opportunities to grow.
- Where are new areas of opportunity? Explore new areas of opportunity that you did not consider earlier in the year. For example, if you are noticing employee “burn out,” offer a new incentive plan to keep them engaged. Take the time to acknowledge any changes in your business that were not present earlier in the year to make sure they do not continue throughout the next six months.
While the middle and end of the year are common points in the year to analyze your business’s progress, regularly consider these factors to ensure that you are on track to meet your goals and grow your business. By taking an in-depth approach to analyzing your business and developing an understanding of how you can put your business in the best position, you can increase the chances of maintaining a strong position to achieve your goals at the end of the year. QCBN
By David Dinerman
David Dinerman is the Senior Business Relationship Manager with Wells Fargo’s Business Banking team in Prescott, Arizona.