It’s that time of year again. Time to prepare for your mid-year check on how your business is doing. If things are going well, you may think that this is an unnecessary use of your time, however, the opposite is true. Here’s why.
Comparing your beginning goals to your mid-year actual numbers visually shows you what is going well and where adjustments need to be made. It’s as simple as that. This is when you can adjust your successful goals upward and give your company a new goal to reach. It’s also a time to discover where you need to place additional effort. Perhaps make some adjustments that will allow you to hit your original goals. If you think about it, big business often has mid-year checks to evaluate employee performance, shouldn’t your business do the same?
The following tips will help you prepare for your business assessment.
- Original goals
- Actual year-to-date figures-this includes sales, profits, expenses
- Completed project list
- Uncompleted project list
- Roadblocks that occurred
- Feedback from clients
You may to add additional items to your list, but this will give you a starting point in the process.
Before you do an actual comparison of the numbers, take the time to evaluate your personal activities and actions. Ask yourself these questions.
Is your business what you expected it to be? If you are off target from your original plans write down why you shifted in your direction.
Have outside influences impacted your business? Sometimes there are things that are out of your control (i.e unexpected illness). This is not to say that you want to list every excuse available for not completing a goal.
What are your favorite business activities? It’s important to remember what makes you happy with your business.
How many hours are you working each week? You may not think that this is important, however, if you are working 60 hours a week and making less money than you planned, you probably need to make some adjustments.
After you have completed the above items, it is time to look at everything together. Determine how the businesses overall performance stacks up against the goals. Look at what is going well and why. Review where there are disconnects to achieving your original goals and see if you can figure out how to achieve them.
As you are reviewing your goals to your actual results, take note on where you may have developmental needs. Sometimes missing your target may be because you lack specific knowledge. This is a time to make a developmental plan if you need further training.
Goals that were easily achieved may need to be adjusted upward. A cautionary note though, if your goal was achieved by a special one-time project or event that will not reoccur, you should carefully evaluate the remainder of the year.
Figuring out where you are will help you determine where you are going with your business. Knowledge will keep you on target with where you want to be.