July 1st is “Second Half of the Year Day”. At this point, we have made it through 182 days of the year! How did your first half of the year go? This day is celebrated as a chance to reevaluate how the year went so far and how it will continue to go for the next half of the year. This is a perfect time for businesses to do the same. As a business owner, offering mid-year reviews will allow for an update of information, a better understanding of the standing of your company, and a lift in employee productivity. In comparison to end-year reviews, which look back on what and what not was accomplished, mid-year reviews offer a chance to catch difficulties or adjust goals as needed, which will lead for a greater chance of yearly success.
Here are a few things to review during the first week of July.
- Goals-When it comes to goals, typically as a business owner you set out with measurable goals for individual employees and the business as a whole to meet by the end of the year. So at the mid-way point the goals should essentially be half way complete. If this is not the case, reevaluate and see how you can take a different approach to reaching those goals. On the other hand if you are half way or more than half way there then keep doing what you are doing!
- Projects-Business projects can either be short-term or long-term and both can be looked at during a mid-year review. For short-term goals you can study whether or not its completion was successful, the positive and negative impacts of the overall project, what should be repeated for future projects and what should not be done again. For long-term goals, you can assess the progress and potential problems.
- Employees-Whether you are talking about employees or the business owner, each person must do their part to successfully keep the business running. While more of the load falls on the business owner, the employee’s work ethic needs to be at 100% to support the business. As a business owner, have you done everything you could to guide your company and your employees in their work? As an employee, have you completed necessary goals, deadlines, and projects? These are things to measure mid-year so the rest of the year can go smoothly and finish on a high note.
Hopefully these ideas will help your small business during its mid-year review and allow for a strong and successful rest of the year! If you need help with conducting a mid-year review or creating a checklist for it, come see us at the University of Scranton Small Business Development Center. Visit www.scrantonsbdc.comfor more information about our services.
Danielle Guari
Business Consultant
The University of Scranton
Small Business Development Center
Image credit: freepik.com
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