Where does the time go? 2013 is halfway over and summer is finally here! And while it’s tempting to ditch our suits for sunscreen and hit the beaches, July is the perfect time to review the first half of the year and reassess your plan of attack for the rest of the year.
Most businesses will just review their financials and react accordingly. But why stop there? Go beyond the bottom dollar and think of it as time for a six month tune up.
With all aspects of your business, you should be considering:
a) How is it performing? What metrics do you have in place to measure success?
b) Is it performing as anticipated? Why/why not?
c) How will you proceed going forward?
d) What is your competition/the industry doing in this area?
e) Is this in line your company’s overall goals? (Think 1, 5 and 10 year goals)
It’s time to check the pulse on all aspects of your business, including:
Financials
Are sales on target? Have your expenses aligned with the budget? Are your forecasts still accurate based on industry predictions?
Products and Services
How is each product/service category performing? Is the customer experience living up to what was promised? Do your offerings align with market trends and the overall direction of the industry?
Marketing
Have marketing efforts been effective in attracting and retaining customers? Is your brand consistent and growing? Do your methods of communication match your target market?
Employees
How are your employees performing? Is it time for one-on-one reviews? What are you doing to keep employees engaged? Are your compensation packages still competitive? Do you have any hiring needs coming up?
Processes / Suppliers
Have you reviewed operational processes recently? Are there any developments in automation/technology that can be taken advantage of to cut costs? Should any supplier agreements be renegotiated or put to tender?
These are only a few pieces of the puzzle. Each individual business will have its own special areas that need attention. What are you looking at in your mid-year review?
