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Midyear business review
We’re about to reach the midpoint of the year. And that means it’s time to assess where we are—and what we need to do to reach our business goals by year-end.
If you set actionable business goals at the beginning of 2023, conducting a midyear review helps you reflect on the last six months, determine what worked well (and what didn’t) and adjust to finish strong in the final half of the year. If you didn’t get a chance to set goals for 2023, there’s no time like the present!
Why a midyear review is important
Maya Angelou may have said it best: “You can’t really know where you are going until you know where you have been.” This is as true in business as it is in life. Setting goals each year is imperative to the success of your business. And evaluating your progress in a midyear review is important. Here are a few reasons why:
It gives you a chance to assess your business’s performance.
It allows you to reallocate resources (e.g., time, staff) to achieve goals.
It lets you adjust goals that are performing well or poorly.
It keeps your team apprised of the status of business goals and objectives.
So, let’s walk through these seven tips to help you with your midyear business review.
1. Make the time
This is the most important thing you can do. Block two to three hours on your calendar in the next couple of months. Don’t invite your entire staff to the meeting, but be sure to include the major players in your business.
2. Gather important information
In preparation for your meeting, gather the documents and data you’ll need, such as goals and objectives for the year, data insights that help determine your progress, or any additional KPIs relevant to your business. This could include customer satisfaction reports, business reviews, revenue data, sales numbers or website views.
3. Review the last six months
If you set goals for 2023, start analyzing how well your business is performing. Are you on track to meet your goals? Do you need to reevaluate any goals due to their performance (or lack thereof)? Are there goals that no longer apply to your business? Take notes on the changes that need to be made.
4. Plan for the next six months
Using the information from your six-month review, determine what goals need to be adjusted for the remainder of the year. Can improvements be made to help with progress? If some goals have already been met, consider raising the bar to make further progress. Focus on goals and objectives that may need more movement and adjust where needed.
5. Celebrate the good things
If you’ve met and/or exceeded some goals only halfway through the year, take time to recognize your team for their hard work. Ask yourself what feels good about the first half of the year and what accomplishments make you proud. If other goals haven’t yet been met, celebrating the good things can help motivate your team to work harder in those areas.
6. Meet with the team
Once you’ve reviewed the previous six months and have a plan for the remainder of the year, it’s important to meet with your team to make sure everyone’s on the same page. (This is also a good time for any shout-outs for accomplishments.) Let them know what went well and where improvements can be made. And be sure to share with them what goals have been adjusted.
7. Apply what you learned
Once you’ve adjusted your goals and met with your team, it’s time to put your plan into action. Armed with the knowledge of what went well and what didn’t, your team and your business are in a good place to end the year on a successful note.
Remember, no plan is perfect; even the best-intentioned goals may not have the expected outcomes. That’s why evaluating goals and objectives midyear is vital, so you still have time to make adjustments. Goals are just that: goals. Taking time to analyze and change course when needed can help your business achieve success by the end of the year.Back to issue