At the beginning of the year, it’s common to set out goals and plans. But now, with the mid-year point approaching, should you be recapping those goals and maybe making new ones? We talked to an adviser and a couple of businesses to find out.
Mid-year review – should you do one?
Juliet Robinson, from Big Goals, says the end of the financial year is a great opportunity for a check-in.
“The business will probably survive if you don’t get to it,” she says.
“But why waste the opportunity to engage your team in the process and build their engagement with how you can meet or exceed your goals in the next six months?”
She says reviewing goals mid-year gives business owners and managers a chance to focus on and celebrate what has been achieved so far, not just on how far there may be to go. It’s also a good opportunity to reassess and adjust goals and expectations.
Another important aspect of the mid-year check-in is not just focusing on business goals but also checking in with staff and the team on performance, motivation and any development needs, she adds.
Identifying areas for improvement
Matt Little, co-owner of Damien McEvoy Plumbing, calls mid-year evaluations a “vital opportunity to assess progress and make informed decisions for the future”.
His businesses use them for three main purposes. The first is to measure performance against objectives set at the beginning of the year.
“By comparing actual results to projected outcomes, you can identify areas where you excel and areas that require improvement,” he explains.
Second, it also helps them stay agile, making adjustments and capitalising on opportunities as much as possible.
“The business landscape is in a constant state of flux, with emerging trends, shifting customer preferences, and technological advancements. Regularly reviewing your goals ensures you remain agile and adaptable to market dynamics,” he says.
And third, they also find they are an “excellent opportunity to engage and motivate your team”.
The owners start by reviewing goals and metrics to identify and quantify what it has achieved. They then analyse performance and consider performance indicators like revenue growth, customer satisfaction, and employee satisfaction. They also seek feedback and input from the team. From here, they make any necessary adjustments to existing goals and set any new ones they need, making sure to communicate them to the team.
Staying agile
Todd Saunders, an e-commerce entrepreneur and the founder of BIG Safety, an online retailer of personal protective and safety equipment, agrees with the importance of regularly checking in on goals and adjusting them as needed.
“We make it a point to review our progress every quarter to ensure we’re on track to achieve our objectives for the year. It’s not uncommon for us to make adjustments or establish new goals mid-year based on changes in the market or shifts in our priorities,” he explains.
He says the benefit of this proactive approach is that it helps the business stay agile and responsive to customers’ needs while also driving growth and profitability. He thinks all businesses should take time to do the same.
“It’s crucial for success in today’s rapidly changing business landscape,” he says.
“By doing so, small-business owners can ensure that they stay competitive, meet customer needs, and continue to grow their businesses over time.”
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