With the end of Q2 quickly approaching, now is the time to conduct a mid-year business review. Conducting a mid-year review for your business is highly beneficial because you’re able to objectively assess the progress of your business and have time to implement necessary changes for strong performance the second half of the year.
Having a mid-year review process in place is invaluable for your business growth. Here are 4 benefits to conducting a mid-year review for your business.
Reevaluate Your Goals and Budget
Rather than waiting until the end of the year to see if you were able to reach your goals and maintain your budget, a mid-year review is the perfect time to evaluate your progress.
The thing about goals and budgets is that they can be changed if needed. Rather than continuing along through the year, hoping that you’re on track with your goals and budget, take some time to stop and evaluate your progress. One way to effectively check your progress toward reaching your goals is to track your KPIs, or key performance indicators. (To learn more about the importance of tracking KPIs for your business, read our previous blog post.) Doing so will give you an accurate picture of your goal and budget progress. If you see that the reality of your situation is different than what you anticipated when you created your goals and budget, you can adjust accordingly. Doing this mid-year leaves you time to work toward reaching your revised (or even original) goals and stick to your budget.
Prevent Mistakes from Multiplying
Mistakes are inevitable. We all make them. And when left unchecked, mistakes tend to have a snowball effect. What may have started as one minor error (a transposed number, an extra zero, a decimal that’s out of place, etc.), can have major effects on your books if left unnoticed. This means you could actually be in a different financial position than you think you are.
By conducting a mid-year review and taking the time to look over your books from the first half of the year, you are more likely to catch those mistakes before they have the chance to snowball and sneak up on you at the end of the year. By identifying and correcting those mistakes early, you are protecting yourself from their potentially damaging effects at the end of the year.
Have Time to Implement Changes
As a part of your mid-year review, an important question to ask yourself is, “What’s working and what’s not?”
By conducting a mid-year review, you are leaving yourself time to implement necessary changes to correct something that’s simply not working. You are able to update your offers, adjust your pricing, change your strategy, etc. and still have time left in the year to see the effects of those changes. Ideally, by making these mid-year changes, you are setting yourself up for a strong second half of the year and will see an increase in your revenue and profits.
Engage and Re-energize Employees
By including an informal employee performance reviews as a part of your mid-year review process, you can keep your employees engaged and avoid potential issues in the future. By revisiting goals, providing personalized feedback, and talking with your employees about their achievements, you can give them the energy they need to make it through the summer lull.
Mid-year reviews also create a coaching opportunity between you and your employees. Rather than simply evaluating them on their performance at the end of the year, you are able to coach and guide them through mistakes they make and how to correct them. This strengthens your connection with these employees by letting them know you care about their progress, not just their bottom-line performance.
We’re here to help!
We recently wrote about our new Quarterly Review services. Quarterly Reviews are only open to our current clients, but there are still ways we can help you make sure your business is on-track for the second half of 2022.
Whether you need help evaluating your financial position or goals, or you need a team of experts to check over your books, we can help. Reach out to us if you need any support.