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A simple mid-year plan
For some entrepreneurs, the mid-year business review is as dreaded as a dentist visit. If this is the case for you, unclench your teeth and relax as we walk you through three simple questions to assess your business and help you focus on what’s truly important as you head into the second half of the year.
QUESTION 1: What’s worked so far this year?
It’s always good practice to begin with the positive. After all, if your business is still running, you’re doing something right. Make a list of your successes so far this year and how you achieved them. Writing down the practices that worked, the goals you met, the customers you made happy, and the revenue you created will help you recognize the positive patterns you want to repeat and translate into the next steps for your business.
QUESTION 2: What hasn’t been successful in 2021?
This part of the process is probably why you put off a mid-year business review in the first place. While it can be difficult to acknowledge the things that didn’t work, it’s a necessary step toward correcting patterns and improving future results. Take an unblinking look at mistakes made and any areas of your business that aren’t performing optimally. Then, it’s time to concentrate on understanding the underlying reasons for these issues.
If your business is losing money, now’s the time to drill down through your numbers and see where the problems lie. Also look to your employees and customers as valuable resources in your quest for answers about why things didn’t work as well as you’d hoped. Your staff can shed light on blind spots you may not be paying attention to, while customers can provide feedback on potential new revenue streams—and the reasons why purchases from your business may be down from previous years.
Put everything that you see as a problem down on paper, along with potential corrections you can start making now to put your business in a better position.
QUESTION 3: What would a more positive future look like?
As with any goal, it’s critical to visualize how you want your business to perform by the end of the year and beyond. Write a mid-year “Re-Vision” to your business goals and the concrete steps you’ll take to achieve them.
Be realistic in the numbers you use as you project how you want your end-of-the-year financial statements to look. By putting everything you want to achieve for your business in the next six months on paper, you’ll also have the opportunity to solidify the steps necessary to make your mid-year plans happen.
To make sure your new vision and goals are always accessible and at the top of your mind, post them in places you frequent at work and home. Read them out loud each day as a reminder of the commitment you’re making to positive changes in your business.
Once you have a clearer picture of what’s working and what’s not, consider making an appointment to review your key financial indicators with our firm so you can learn more strategies for keeping your financial goals on track through the end of the year.Back to issue