Search
Close this search box.
Blog » Business Tips » How to Conduct a Mid-Year Business Review

How to Conduct a Mid-Year Business Review

Updated on September 6th, 2016

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
  • CRM
  • Current sales funnel
  • Administration
  • 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.

Final Thoughts

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.

 

Serenity Gibbons

Serenity Gibbons

Local Unit Lead for NAACP in Northern California with a mission is to ensure the political, educational, social, and economic equality of rights of all persons and to eliminate race-based discrimination. I enjoy writing and interviewing people making a difference in the World. Former Assistant Editor NY Times. NYU Alum living in sunny California.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More