Mid-Year Planning
As we approach the summer months, now is the perfect time to evaluate your company with a mid-year review. Mid-year reviews are meant to propel a company forward by pinpointing strengths, weaknesses, financial goals, help refocus employees, and get honest with where your company is at versus where you want it to go. Don’t miss out on a chance to evaluate your company in 2022 to finish out the year strong, while also planning for an exciting and successful 2023. Now is the time to prepare for your mid-year review.
Why take the time to perform a mid-year review? When it comes to starting a mid-year review, Forbes says, “Before we get started, let’s think about the purpose of this review. It’s not to shame or overwhelm you. It’s simply to create some awareness of your business, evaluate its performance, and allow you to take corrective action while there’s still time to change things.” Mid-year reviews are a great preventive measure to help ensure a better focus and reaching of goals for a company and its employees.
According to Wharton Magazine, here are some of the reasons it is beneficial to complete a mid-year review for your company:
Evaluate performance.
Reallocate resources to better achieve goals.
Allows for you to easily update your business plan.
A review brings energy and action back to your employees.
Make more money than you would have otherwise.
Take stronger corrective actions.
Provide leadership for your team.
Offer focus to your team.
What does a mid-year review entail? Mid-year reviews are meant to pinpoint where a company is currently at, where you’d like the company to be, and how to best reach those goals. Here are some of Forbes and INC.com’s recommended check-points you want to make sure you’re including in your mid-year review:
Track the progress you’ve made so far this year. Progress over perfection!
Consider relocating to an offsite location or different location than your normal, slowing down, and deliberately taking time to analyze the company. This gives a lack of interruption, a different headspace, newfound creativity, and inspiration.
Focus on the remainder of the year. This will be the last chance to reignite old initiatives you’d like to see accomplished by the end of the year and bring enthusiasm back to set aside goals.
Don’t let the summer derail you. Instead of deferring projects until the fall due to a summer lull, reset expectations and plan for what you can get done now instead of waiting as many other companies may do.
Conduct an expenses analysis. You’ll want to calculate your expenses for the last six months, and any recurring expenses like subscriptions, internet access, training, etc. This will allow you to see where you’re overspending and how much you’re spending. Auditing your finances is one of the most important steps of the review. If you aren’t comfortable doing this, reach out to a financial company.
Hold off on being social until the end of the review. This will keep the momentum going and serve as a celebration of completing the review.
Write down what’s next. Be intentional about what changes you want to see, goals to have, and how to accomplish these things. You need to create actionable steps— and write them down! This will allow you to stay on track and be accountable for achieving these goals.
Wharton magazine offers some helpful tips to keep in mind when conducting a mid-year review including planning and preparing before review meetings, bringing your team into your written agenda, allowing for sufficient time to complete your review, discussing the success of the company first and money last, and meet your team where they are instead of where you want them to be. It is important to have a clear layout and plan so you can ensure a comprehensive and quality review. This type of review will take time out of your schedule but is worth it to know you have created a more efficient and success-bound work environment.
By following these check-points, you will be able to have a more accurate view of where your company is currently at and how to move forward. A mid-year review is a perfect chance to make sure your yearly goals are on track while offering motivation and focus back to your employees. Get ahead of your competitors by ending the year strong and not waiting to refocus your efforts until the start of the new year.
If you want to discuss your mid-year planning contact us! We’ll help you achieve your full potential through comprehensive accounting, tax, business advisory services, and more.
About EHTC
EHTC is a dedicated, full-service CPA firm in West Michigan that focuses on helping clients to achieve their full potential through comprehensive accounting, finance and tax services. We are a local firm with large firm resources, using a team approach to proactive client service that helps our clients gain a competitive advantage through our ability to develop strategies and present realistic solutions that build value.
