BUSINESS COLUMN: It’s July! Did you do a Mid-Year Review for your Business?

anguillian
By anguillian July 10, 2017 13:49

 

 

 

A mid-year review for your business should be on your calendar from the start of the year. Mid-year reviews help business owners see how they are doing and where necessary make adjustments to achieve their goals. An objective assessment makes for a vigorous reality check – and can help you improve your company’s performance over the second half of the year. A mid-year review is not just for corporate businesses. All businesses can reap the benefits of a half-way review. Ensure when you are doing the review for your business that you are prepared with all relevant documents including sales, marketing and financial records. Here is a reminder of what you should be looking at.

Spend vs. Revenue
This is the first task to tackle. If you have not been keeping good financial records, now is a good time to attempt to account for the last six months. Hiring an expert to keep track of your records is a good investment. Are you overspending in areas where you are seeing little return? Are the revenue and/or sales from one product significantly more or less than you had anticipated? Taking a deep look at where you stand financially will help to direct all other aspects of the business.
Are Customers Happy with your Products and Services?
Have you been listening to your customers? Have you asked for feedback? If you are unsure about how customers feel about your product or service, now is a good time to engage with them. Set aside time to meet with your top customers or carry out customer surveys and focus groups. Customers are an excellent source for ideas, inspiration and constructive feedback on how your business can improve.
Plans for the Remainder of the Year
Your activities and initiatives for the remainder of the year may change or need to be adjusted during your mid-year review. Perhaps you have new ideas or new information which was not available at the start of the year which will impact your business. Dates or timelines for initiatives and projects may need to be changed as you position your business for success.
Competitor and Industry Analysis
“Having a mentality that you are never finished with refining your product, service or business, promotes innovation that leads to lasting growth.”
What makes you different? Why should a customer choose your business? Change happens daily in the economy, and in business, and if you are not keeping track and ahead of these changes you will be negatively impacted. If you have stagnated, use the mid-year review as a catalyst to get back in the game.
Business Operations
To use the analogy of a sail boat – are your business operations like a boat whose sails have been well-adjusted and the boat itself is sturdy, or does your business have raggedy sails and holes in it?
Your business operations must be reviewed regularly with a critical eye to help you prepare for growth. Any problems identified must be fixed to ensure the sustainability of your business.
Mid-Year Reviews for Employees
Employees should be given frequent and timely reviews throughout the year. The mid-year review is a great time for in-depth employee reviews.
Mid-year reviews are an important time for:
• course corrections on performance
• recognizing good performance and individual strengths
• soliciting feedback from your employees on what could be improved
• clarifying individual and team goals and how they relate to business goals

Corporate Culture
Are your internal customers happy? Does your staff get along with each other? Are some persons disgruntled? Do persons point fingers at each other but no one comes up with a solution?
“Taking a pulse on your company culture by observing even the small subtleties, can be hugely insightful into your business overall. Take time to observe, ask questions, and reiterate that everyone is working toward the same goals, and when those are achieved, everyone wins.” – Robin Toft, Toft Group CEO.
Staffing and Structure
Now that you have gone through the other seven steps, you need to fill any gaps identified. Does your staff need training to efficiently complete a goal? Do you need new equipment to make a process more efficient? Fill the gaps to ensure success for your business for the remainder of the year.

Source: Toft Group Executive Search

Submitted by Shellecia Brooks-Johnson

anguillian
By anguillian July 10, 2017 13:49

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