We’re crossing over the six-month mark of 2016. Half the year has gone by, your taxes for the second quarter have (hopefully) been paid and things are a little slow as people head out on vacation. This makes it the perfect time for you to do a mid-year business review.
I used to avoid mid-year business reviews in my business because I had no idea what to look for. I knew I should be doing them, I just didn’t know how. As time has passed, I’ve learned a system that works well for me in terms of mid-year business reviews and it’s a process I’m going to share with you today. Please note that you can customize this any way you’d like. The more you make it your own, the more likely you’ll stick to it.
Step 1: Gratitude and taking stock.
I like to start a mid-year business review with gratitude for everything we’ve been able to accomplish in the past six months. By everything, I mean everything. For example, I look at a lot more than just how much money I made (more on that in a bit), I also look at any cool projects or milestones I’ve been able to accomplish.
For example, in the last six months, I finally got around to launching a podcast which has been a lot of fun and quite successful. I also had a client pay for my business travel for the first time as I filmed a business course for them. I even celebrate the fact that we got a better project management system that suits our needs. All of these things, however small they may be, make a difference and should be acknowledged.
Step 2: The numbers.
The next step in my mid-year business review is looking at the numbers. This is actually a multi-fold step because there are several things that I look at.
- How much money was made
- How much money was spent
- What the current tax situation is
- What’s bringing in the money vs. what’s not bringing in the money. You may find it helpful to do a client audit here.
- If there is an area where we can cut expenses. For example, are you using a service you no longer need?
- Is there an opportunity to make money with a new project or idea?
I would also take it a step further and see if you are covered legally and financially. Do you need new contracts? Do you need insurance? These little things can cost you big money down the road if they aren’t taken care of.
Step 3: Systems check
I actually review systems with my virtual assistant about once a month, so I don’t go crazy in depth when it comes to systems during a mid-year business review. However, I do still check in to see if our systems are working properly, if we need to upgrade, if there are any kinks, etc. Here are some systems you can take a look at during a mid-year review:
- Project management system
- Current sales funnel
- Operations Manual
Creating systems and processes is what helps a business run smoothly, so take the time to review them during your mid-year business review.
When conducting a mid-year business review it may be tempting to get too attached to what we see. For example, we could beat ourselves up over not making as much money as we’d like. Try to see this process simply as a means to collect empirical data that helps you improve.