The 1st of July is precisely in the middle of 2021, so it’s time to do a mid-year business review. It is an excellent opportunity to review your business and make changes to any processes that aren’t working. It also allows you to implement new protocols to help your business grow. Which areas can you increase or decrease?
The mid-year review includes a variety of business touchpoints. Review achievements and make sure KPI’s and objectives are met. You should also solicit feedback from employees on how they can make improvements and what support is needed.
Which business areas should be your focus during a midyear review?
It is your chance to do a deeper review of your company. Monthly plan reviews are intended to make incremental, quick improvements. However, a midyear review can be used for updating your strategy and forecasts for next year. These are some key areas to focus on.
1. Training
Maintenance is essential for any business, no matter how small or large. Regular training eliminates the need to set and forget the mentality that can lead to your business falling behind in an ever-changing business world. Your competitors will be ahead if you don’t keep up with the times.
Training is the process of teaching team members new platforms, techniques, and technologies. Training includes teaching them how to use existing elements but not necessarily following established protocols. The protocols you create give employees a better foundation for working faster and more efficiently.
Long-term improvements can be achieved by reevaluating your business model and determining whether any new platforms or processes are necessary.
Configuring which employees need training in what areas will help improve team member time efficiency when working on specific tasks. For example, to assess the progress of your team, to determine where they are at the moment, how comfortable they feel, and to analyze their opinions about the issues that have arisen during the first half-year, and what areas need to be addressed, you could hold mid-year team meetings. It will not only save time but also streamline the process for the rest of 2021.
2. Time allocation and the resulting productivity
Encourage communication and feedback from your team during the mid-year review. Your employees are the best judge of their productivity when it comes to time allocation. Project tracking should be maintained up to this point. Ask employees to identify gaps in processes and suggest ways of filling them. Allow members to brainstorm ways to improve productivity and then allow them to work together.
It is time to make these changes to improve your business or specific departments.
Platforms can be a great way to optimize processes. It is especially true with the technological advances and the thousands of options online. However, when analyzing productivity, profit should be the top priority. The rule of thumb is that the higher the productivity of employees, the greater the profit margins.
There are several time-saving features to be aware of when using vetting platforms. These include streamlined document filing, automated reporting, and offline availability. In addition, although it will initially be expensive, purchasing technology and media can save you a lot of time by automating repetitive tasks.
3. Sales
The mid-year point in sales is the best time to look back on trends and patterns from the first half of the calendar year. Do you have clients or customers who could benefit from additional products and services? For example, customers who have already purchased kitchen appliances from you might be interested in purchasing other homeware.
Once they have been added to your mailing list, send them a homeware issue.
You should take the time to identify any sales gaps. Ask yourself these questions: How many customers are returning to you? Is your customer service better? Are you losing customers at checkout? Then, you can either market your existing offering or tailor it to meet the needs of your potential customers.
4. Marketing
Technology is more popular than ever. It is your opportunity to make your products and services visible to engaged customers who are most likely to buy from you. It involves analyzing your entire online presence and ensuring that each marketing area is covered in preparation for next year.
Marketing is more effective when you plan. SEO, for example, is a long-term strategy to increase Google’s search engine ranking. On the other hand, marketing materials, such as writing copy and designing imagery, take time.
To plan the next six months of marketing strategies for your website, social networks, and email marketing, sit down with your marketing strategists. Begin by reviewing your performance in the first half-year. What messages/channels worked? What percentage of the marketing budget are you allotting? Which areas can you increase or decrease?
You should identify the areas where you are looking to increase sales and include this information in your strategy. Next, set goals for how much marketing material and work you will publish in 2021 and beyond.
5. Operations
Personally, this is the time you assess your employees’ performance and mental health. It can be done by HR or the General Managers to allow for open and honest communication among the team. In addition, it makes workers more comfortable reaching out to others to make suggestions and offer support throughout the year.
Also, the operations review examines situations in which specific tasks did not run smoothly. It is why the second half of 2021 will be focused on how to avoid this. Losing time in troubleshooting or spending too much time on tasks can result in lower profits.
Either include your operations discussion in your mid-year reviews meetings, or you can set up an appointment that focuses on operations efficiency.
Meetings before and after projects are a great way to improve your operations. It will ensure that everyone understands what the customer or client expects. Communication is key to avoiding errors and ensuring that tasks are being completed on time. This liaison is crucial to change jobs and address minor problems that do not become big problems.
You should optimize your performance by reviewing your mid-year results
This mid-year review provides an opportunity to examine these five critical areas for 2021. Your business’s overall success depends on its ability to train, motivate, market, and operate effectively.
Disclaimer. The opinions and views expressed in this article are the authors Judge Napolitano.
