As the summer months roll in, it’s the perfect time to do a Mid-Year Review of your business.
If you are like many entrepreneurs, you had big dreams when the new year began. You may have written a marketing plan, set financial goals, and determined what new products to develop.
Now that it’s mid-year, how are things going?
Are you on target? Are you off course? Are you way off course?
The only way to determine your progress is to do a Mid-Year Review. If you’re not sure what that entails, this is the blog post for you!
A Mid-Year Review of your business is a truth-telling exercise. It shows you what you’ve accomplished, what lessons you learned, and what improvements you need to make.
Don’t let the term “mid-year” throw you off. You can do a Mid-Year Review at any time of the year. With that said, it’s important to assess your marketing progress every six months at least.
So, what does a Mid-Year Business Review look like? It should have three parts: (1) What went well so far, (2) what could be improved upon, and (3) what lessons have you learned.
Now, let’s delve into each section:
Mid-Year Review Section #1: What Went Well So Far
In this section, you will document everything that has gone well for you since January 1. Nothing is too small to be listed here. The intent of this section is to put you in the Vortex, making you feel good about all you accomplished (because we are hard on ourselves!).
The sky’s the limit on what to include in this section, but here are some ideas to get your creative juices flowing:
- New clients
- How much income you earned
- New social media fans/followers
- A product or service you launched
- Sending out a newsletter on a regular basis
- Attending networking meetings consistently
- Keeping up with your gratitude journal
- Hiring a VA
Mid-Year Review Section #2: What Could Be Improved Upon
This section of the Mid-Year Review is where you document what didn’t go well. You may refer to them as failures, but I prefer a more “this needs improving” mindset. Again, you don’t need to be hard on yourself. Just list what didn’t go the way you thought it would.
Here are some points to consider:
- When you didn’t hit a goal
- Customers leaving your business (especially unexpectedly)
- A reduction in income
- Your VA not completing tasks appropriately
- When you abandoned something
- When your Ego got the best of you
Mid-Year Review Section #3: What Lessons Have You Learned
The third section is where the rubber meets the road, documenting what lessons you have learned. Review what you’ve written in the first two sections: What lessons can you glean from your wins and losses?
For example, did you get new clients because you amped up your follow-up process? Then your lesson would be to continue this process and possibly fine-tune it.
Another example: Did you not meet your goals because they were unrealistic? Then think about how you can readjust future goals so you can attain them.
Once you’ve identified your lessons, apply them to your marketing plan. There’s no point in learning lessons if you don’t apply them, right?
One final word
Before you begin a Mid-Year Review, be sure to set the scene appropriately.
Set aside a couple hours of your calendar to complete, and be sure to keep your email and social media off. Get in the Vortex (your happy spot!) before beginning. When you do all these things, you’ll have the right mindset going into your Mid-Year Review.