How a Midyear Business Review Gives You an Advantage
Identify trends to capitalize on or problems to nip in the bud.
With more than half of 2021 in the rearview mirror, there are less than six months left to reach your annual goals. Did you know that a midyear assessment could be exactly what your business needs to hit its targets by year-end? According to Wharton Magazine, deciding whether or not to administer a midyear business review can make or break the path of your company.
What is a midyear review?
While there are several types of reviews your business can use, they each have one thing in common: they assess progress and lay out a plan for the rest of the year. The three fundamental types of reviews are:
- Goals: look at milestones and actions items
- Sales and money: focus on financial progress and customer account plans
- Comprehensive: a holistic approach to each business area
Benefits of a midyear review
A summer lull can make it tempting to let things ride until the fall, but conducting a review now allows you more time to put new plans into action. Processes like launching a new marketing campaign, hiring a new employee and getting more inventory all require lead time.
There’s another benefit to midyear reviews: They can re-energize employees. Revisiting goals can be used as a springboard for recognizing employee achievements and contributions, developing incentive programs and helping people stay focused during the summer vacation season.
Midyear review complete – what next?
One of the key advantages of a midyear review is that it gives you an opportunity to spot trends and identify problems. Noticing trends early can give you a competitive advantage to respond quicker than your competitors. And those with the wisdom of experience know that problems are easier to solve when found early, while they’re still small.
As a result of your assessment, you might find it’s time to make some key adjustments regarding:
- Resource allocation
Whether you’re a business of one or 1,000, a midyear business review can keep you on track with goals and help you discover fresh opportunities.
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