Annual business planning normally occurs in the third and fourth quarters of the previous year. During that time, business owners and team members reflect on performance and delivery, assess goals and create supporting strategies. Often, that is where it ends.
With summer upon us, kids out of school and a sense of relaxation in the air, it may feel like the exact right time to shift focus away from the rigors of business and trust that the business planning that you did months ago has you covered. However, establishing mid-year business planning can be very effective in achieving your goals while leaving time for any needed course corrections or re-projections.
3 Steps to an Impactful Mid-Year Business Review
Revisit established goals
Refamiliarize yourself with the goals you set for your company at the end of last year. Have you met these goals already? Take time to assess if you are on track to meet them by the end of the year or if you are off track. With revisiting your aspirations halfway through the year, there’s time to regain focus and work toward success.
Analyze and re-structure goals
Identify where your team has made progress and isolate what goals are off course. With off-track objectives that remain priority for your company, define what caused them to fall short and set forward plans on how you are going to achieve your newly-structured goals. Be sure that the objectives, resources and timelines are realistic.
Now is also the time to determine if you set the right goals and if your targets need to be changed or even removed. Perhaps other initiatives took priority and shifted your team’s focus for the better. New focuses can lead to new goals.
Look for potential opportunities
While analyzing previously created goals is critical to your mid-year business review, looking for new opportunities is equally important.
Now that you’re roughly six months into the year, consider prospective growth opportunities. Is there a new audience you haven’t tapped into, are there marketing tools you haven’t leveraged to advertise to customers, can you tweak internal processes to promote efficiency?
These new ideas might even stem into larger initiatives like diversifying your business. Extending your offerings or adding additional services can help you reach goals by establishing a new stream of recurring revenue.
When it comes to business planning, you don’t have to tackle it alone. By partnering with Pet Butler to diversify your pet industry business, you’ll receive the support of a dedicated business consultant who’ll help guide you through annual planning and mid-year assessments. You’ll also gain access to a support center of marketing, technology and data experts who will ride alongside your business to help you achieve your goals. Learn more about our franchise opportunity.