{"id":169454,"date":"2022-07-13T12:05:42","date_gmt":"2022-07-13T11:05:42","guid":{"rendered":"http:\/\/realbusiness.co.uk\/?p=169454"},"modified":"2024-03-30T12:16:34","modified_gmt":"2024-03-30T12:16:34","slug":"mid-year-review-can-set-business-success","status":"publish","type":"post","link":"https:\/\/realbusiness.co.uk\/mid-year-review-can-set-business-success","title":{"rendered":"Why a Mid-Year Review Can Set Your Business Up for Success"},"content":{"rendered":"
<\/div>

Businesses are feeling the pinch of inflation and the cost of living crisis, just as they are still recovering from the pandemic. Add into this the current turmoil in government and the rest of the year looks likely to be an extremely challenging operating environment for many.<\/strong><\/p>\n

One proactive thing that business leaders can do to ensure their company is in good shape for the rest of the year is to conduct a mid-year review.<\/p>\n

A lot can change in six months, so this is an opportunity to take stock and evaluate what\u2019s working and what\u2019s not, so goals can be adapted for the months ahead.<\/p>\n

This is an important exercise no matter what the size and type of business. Looking back at what has been learned, and the successes and perhaps failures so far, is the key to ongoing success. \u00a0\u00a0Once the review is done it enables businesses to set out their goals for the next six months, confident that they are on track.<\/p>\n

To conduct a review, simply jot down the answers to the following questions:<\/p>\n

What great things have the business accomplished so far this year?\u00a0 <\/strong>Include everything – big and small. Taking an objective look at what went well, is a good way to understand what has worked for the business and make note of the learning within each success.<\/p>\n

How did this happen?<\/strong> Here it\u2019s essential for individuals as business owners to look specifically at what they did to make this happen. This can build recognition and confidence in their abilities as a leader, to support their personal growth<\/p>\n

What hasn\u2019t happened as planned?<\/strong> Be honest here, but don\u2019t judge \u2013 often there are good reasons why things didn\u2019t happen. Look at what didn\u2019t happen and then reflect \u2013 with curiosity and kindness on why that was. Understanding these reasons, can help businesses improve their plans, upgrade skills or update resources to better prepare for the future.<\/p>\n

What has worked best for the business this year? <\/strong>Consider what marketing strategies, relationships, products, processes, and clients have worked best for the business. Brainstorm everything that\u2019s had a positive impact on the business and what this means for the rest of the year.<\/p>\n

Why have these worked so well, and what hasn\u2019t? <\/strong>Again, be honest and don\u2019t judge. Really get to grips with why these worked or not, and look at what can be improved, adjusted, or stopped altogether to ensure that the business builds on what works best for the rest of the year.<\/p>\n

What, as the business owner, did they enjoy the most, and why? <\/strong>Businesses and individuals are always evolving so writing down what they enjoyed (or didn\u2019t enjoy) over the last six months may give them a different perspective on where they are heading next.\u00a0 Richard Branson once said, \u201cIf it\u2019s no longer fun stop doing it\u201d. This is always worth considering when running a business, as it\u2019s not a given.<\/p>\n

What is the state of the finances? <\/strong>It\u2019s vital to keep a check on the finances.\u00a0 Look at how much income was planned to be generated, against the reality since the beginning of the year. Look at the costs \u2013 expected and unexpected, and if there are there any outdated costs that can be got rid of. Plan for any quiet periods ahead, such as July\/August when business activities can slow down. \u00a0Use this information to make any necessary adjustments.<\/p>\n

Map out the business goals for the next six months<\/strong><\/p>\n

Finally, set goals and objectives for the rest of the year, based on what has been learned from the review. These need to be SMART \u2013 specific, measurable, achievable, realistic, and time-based. \u00a0Break goals down into clear plans and activities, then schedule and assign these so everyone in the business knows what actions need to be taken, when and by whom.<\/p>\n

All businesses no matter how large or small can benefit from a mid-year review. It enables changes to be made to the current strategy, processes, or resource allocation and fills any gaps. These adjustments come from knowledge and learning, rather than guesswork and can ensure businesses are on track for success.<\/p>\n

Listen to Melitta\u2019s podcast and download her workbook for more tips for conducting a mid-year MOT, by clicking here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses are feeling the pinch of inflation and the cost of living crisis, just as they are still recovering from the pandemic. Add into this the current turmoil in government and the rest of the year looks likely to be an extremely challenging operating environment for many.<\/p>\n

One proactive thing that business leaders can do to ensure their company is in good shape for the rest of the year is to conduct a mid-year review.<\/p>\n","protected":false},"author":26359,"featured_media":169455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11041],"tags":[11976,11932],"class_list":["post-169454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","tag-rb-2022","tag-rb-july"],"views":3523,"_links":{"self":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/169454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/users\/26359"}],"replies":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/comments?post=169454"}],"version-history":[{"count":0,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/169454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media\/169455"}],"wp:attachment":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media?parent=169454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/categories?post=169454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/tags?post=169454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}