We’re halfway through the year, and that means we’ve been plugging away for months now to move the needle on our goals, big and small. It’s time to look back, so that we can confidently move ahead through the second half of 2023.
Mid-year reviews help us to see how we’re doing and to make any necessary adjustments or investments to achieve our goals. An objective assessment provides an important reality check—and can help improve future business performance.
Conducting an assessment requires time and dedication, but it’s worth it. So go ahead…block time on your calendar like you would any other important meeting and invite other key team members to join you. Then gather the data and documents you’ll need—your sales summary, marketing plan, financial records, etc.
Every mid-year review is different, but be sure to cover the following points:
- Business goals: Are they still relevant? What have you accomplished? Any milestones missed, and why? Any new priorities?
- Strategies and methods: What’s working well, and what isn’t? What can you be doing more of or differently?
- Cash flow and budget: Are there any issues that need attention? Are you on track to your target income? Are your expenses being managed? Is your costing on point?
- Marketing and customers: How are traditional vs. digital marketing activities working for you? Can your marketing materials use an update? Is your customer portfolio balanced? Do you have enough loyal clients?
Mid-year check-ins are about getting the big picture and making any adjustments, but also about identifying successes. You’ve made it this far and accomplished so much. Take time to celebrate before digging into the work that lies ahead.
In this issue of NAWBO ONE, ADP, who we partnered with for this year’s NAWBO member survey, provides some great advice on mid-year business reviews. Check out the 13 questions they say every business owner should ask right now.
Lastly, while our businesses have reached the midway point of 2023, NAWBO is just starting a new year nationally and in our chapters across the country. Earlier this month, I was incredibly honored to be installed as your new NAWBO National Chair for 2023-2024 along with some other incredible servant leaders who will be working alongside me to further NAWBO’s critical mission.
My goal for this year is to ensure that all Americans hear and understand the importance of women business owners in their communities and nationwide. I look forward to the exciting work it will take to reach this goal, and the role all of our members in all of our chapters will play in it!