What tips do you have for fellow women business owners on assessing where their business stands at the mid-year point? If goals are off course, how would you suggest the company leader redirect to achieve their business aspirations by the end of 2023?
Shurlon Thompson, President
Vitalizing Business Solutions
It starts with planning and prioritization. A business owner must develop a comprehensive growth plan inclusive of primary goals and timebound milestones to achieve them. That plan must be well communicated and easily accessible on demand to all stakeholders (those invested in the success of the business).
Revisit the plan on a reoccurring schedule (we do it quarterly) to assess if milestones are being achieved. Revise the plan, keep it simple and increase the frequency of review as you approach mid-year. Where shortfalls are identified, assess why they exist, if course correction is necessary, and if so, develop, implement, and continue to measure success of the revised plan.
Also, remember the people because they are the lifeblood of business. Acknowledge, appreciate, and reward their efforts in a manner that is impactful to them and they will deliver results.
Lastly, watch the numbers at all times (a monthly review is my recommendation). Partner with a reputable CPA to do this. Redirect funds to where they will add the most value (Marketing, Sales etc.) to close out the year on target and strong.
Jaime White, Chief Belief Officer
Believe Crew
5 Quick Tips to Create a Successful Mid-Year Strategy Session for your Business:
BLOCK YOUR CALENDAR FOR THE DAY
Create a space with minimal distractions and allow yourself time to be fully present. A full day is recommended.
SCHEDULE AN OFF-SITE LOCATION
Shift the energy of the day-to-day by finding a neutral location that allows for creative brainstorming and big-picture thinking. (Libraries, hotels, banks and spas often have extra spaces available for this).
INVITE KEY STAKEHOLDERS
Rally the troops. Invite the employees or other key stakeholders that could bring valuable insight to the discussion. Being transparent and encouraging crucial conversations builds trust.
BRING THE NUMBERS
What important data do you have available that you can look at to reflect on. Last 6 months, Last 12 months, Last year-to-date and 2-3 years if you have it.
ESTABLISH A FACILITATOR
Hire a third-party facilitator or someone that can remain neutral. Bring in someone that has skills of strategy, vision and curiosity to consider ways to be proactive as well as challenge the status quo.