“Twice and thrice over, do they say, good is it to repeat and review what is good.” (Plato)
Can you believe it’s June? We are actually at the half-way point and now is a GREAT time to do a mid-year business review. I’m a big believer in the sentiments of the quote above. I’m also a big believer in the concept of failing fast/forward.
Here’s why you should make and take the time to do a 6 month business review:
- Ensure that everyone is still on the same page. Are the same employees who worked on the annual plan still in place? If not, have the new employees been brought up to speak on goals and expectations?
- Re-evaluate decisions made at the start of the year. Six months is a good timeframe for deciding if something is working or not working. There is still time to readjust if you need to do so to meet annual goals.
- Re-allocate resources and team members. A six month check in will give you time to decide if you need to stay the course or change the course.
- Celebrate achievements and set new goals. There is nothing like celebrating achievements to motivate and inspire your team members. Small successes lead to big wins and should be celebrated across the board.
Here’s what to evaluate:
- Objectively monitor business performance. Look at your numbers! Evaluate what was projected and what has actually come in. Have your client acquisition goals been met? Are there any clients you need to let go?
- Marketing and social media. Are you reaching the right audience?
- Customer service. Are your clients giving you feedback that you can incorporate moving forward? Now would be a good time to do a customer satisfaction survey. Use the fact that it’s a mid-way point to get their buy in on giving you feedback.
- Your team’s performance. Are the right people in the right positions? Are you meeting with key players on a regular basis to get feedback and for troubleshooting?
Here’s how to conduct the 6 month business review:
- Set up a meeting with you key team members. It’s actually better to get everyone who was part of the annual plan together to do the six month review.
- Have an agenda and get feedback before finalizing the agenda. Send the agenda out a week before the meeting to invite feedback and to allow for preparation.
- Review goals and objectives for each part of your strategic plan.
- Allocate enough time for this feedback.
- Be prepared for honest feedback.
- Be prepared for the need to restructure. This is actually a good thing that can save you time, money and talent in the form of employee engagement.
Do you do a mid-year business review?
What has worked for you?
“Worksheet for this Toolbox”
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