How’s your business going so far?
Time sure flies when you’re busy and productive. As the first half of the year ends, it’s a timely season to assess your business. Conducting a mid-year check up on your business is a healthy way to identify hurdles and solutions that you went through or will probably undergo in the next half of the year.
Set aside a day, or a week, for a mid-year planning and check up with your teammates (or for yourself if you’re a solopreneur). The process may seem overwhelming considering how busy the past few months have been.
Don’t worry! Read this checklist to guide your mid-year business analysis.
1.Conduct a SWOT analysis
Review the first half of the year and identify the strengths, weaknesses, opportunities, threats of/to your business. A SWOT analysis is the fundamental step-by-step guide in making sound decisions for your business.
Internal factors such as reputation, customers, staff, and assets play determine your strengths and weaknesses. Opportunities and threats are factors that outside your control and caused by other agents such as competitors, suppliers, and market changes.
2. Realign goals
After conducting a thorough SWOT analysis, you will have a clearer picture of your business trajectory. Make necessary changes to adjust according to the results of your analysis. This means realigning goals and targets in order to take advantage of new opportunities and developments. Re-aligning goals can also prevent your business from falling prey to threats and weaknesses.
3. Consider hiring (or firing) employees
Mid-year is an opportune time to start looking for new people to work with, especially if the business is understaffed or planning to take on new projects. You would not want to get your hands full, so hire new employees that are fit for the task to make your job easier! On another note, you might also want to consider terminating other employees who are not a great fit for your future business plans. It’s hard to say goodbye, but it’s totally necessary.
4. Check compliance with laws and regulations
It’s important to stay up to date with current policies and regulations. Use this time to check if your business license is still valid, adjust salary rates to comply with wage requirements, factor in the necessary bonuses, and renew relevant permits. Talk to your lawyer if you need to make any changes regarding government or supplier contracts.
5. Talk to your accountant
Proper financial management is an important part of any successful business. If you don’t manage your business finances or have your hands full, get your own accountant to deal with the nitty-gritty money details. An accountant will review your books and give you sound financial advice regarding your future business plans. You may have a great plan, but you also need enough cash to fund your goals.
6. Look for learning opportunities
Any form of continuing education gives you and your business a competitive advantage in the market. Whether you’re just starting out or already landed a management position, there is always something new to learn. Take workshops, attend conferences, enroll in online courses, or even take courses in a graduate school program. Remember to expand your learning through technical and managerial trainings!
7. Reach out to your customers
Creating a genuine connection with customers is one of the most effective ways to build and grow a loyal following. Talking to customers and listening to feedback can provide you with valuable insight that you may have overlooked in your analysis.
Take note of these pointers for your mid-year check up! It can only get better from here.