Mid-year goals assessment for your business
30 Jul 2018 FINANCE
By Nomali Cele
During the whirlwind “new year, new me!” excitement we all set goals for the year ahead. For business owners, it’s no different. The only difference here may be that business goals will tend to be set with the support of research (SWOT, analysis anyone) or consultants such as business coaches. We’ve passed the six-month threshold of the year and it’s a good time to check in on those business goals you set for your business.
Why it’s important to do a mid-year goals assessment
Around this time you’ve had enough time to put your strategies for achieving your goals into practice to be able to see progress if there is any. But there’s also enough time left in the year for you to update your tactics, or change course where needed, so the entire year isn’t a complete loss.
While your business goals came from a real place and were backed by research and resources, you won’t know exactly what is needed to achieve the goal until your three months in, pursuing it. This is the time you will have learnt that maybe you need for capital to attain the growth you set out to achieve or that instead of the five clients you wanted, your business can only cater to three at its current size.
How to do a mid-year goals assessment for your business
Look back at the goals you set at the beginning of the year. A lot can change in a small amount of time and you should use this step to be completely honest with yourself and make the tough calls. Do you still want to put your energy and resources towards trying to attempt five goals that no longer seem viable for your business or would you rather horn in on one goal that’s been working? You have to decide if, given the ways your business and industry may have changed in the six months since setting the goals whether you
What have the past six months taught you about trying to grow your client list or expand your production? These are things you didn’t know at the beginning of the year that can greatly change how you approach the rest of the year. You need to be honest with yourself so you can learn the important lessons that get propel you for the rest of the year as you work to achieve your business goals.
Have there been any goal successes? Celebrate those. It can be easy to get caught up in feelings of failure and inadequacy as you do your mid-year goal assessment but acknowledge and celebrate the small wins.
How will you apply your mid-year goals assessment learnings? This is where you decide what will be in store for your business for the rest of the year. This mid-year check-in is an important way for you to decide where you want to focus your energies and business resources for the rest of the year.
It’s okay to change course if that’s what your business needs, but a mid-year check-in is one sure way to know if you need to change any part of the formula.