Should you conduct a mid-year business review?
With the end of the year approaching fast, it’s easy to become overwhelmed with thoughts of the holiday season and vacations. But before you jet off to the sun and sea or snowy mountains, a mid-year review of your business should be conducted.
5 reasons why successful businesses conduct a mid-year review
1. New ideas or initiatives, such as hiring or marketing campaigns, take time. Give yourself space to think about it. A review doesn’t require you to create a deatiled plan about your next steps, rather it is to set your thoughts in motion.
2. Hopefully, your competitors are resting during the break. It’s a good time to get ahead. Act on one or two things that can steer you ahead while they are at rest. You could have planned for it a while ago. Implement it now!
3. The year may have sailed past very fast. However it has sailed, it may have left you with little time or energy to analyze less tangible aspects of running the business, such as the corporate culture you had set out to create at the start of the year or employee engagement strategy. As the engine naturally slows down this time of the year, it is a good time for you to review them.
4. As a corollary of the above, it is a good time to look at the numbers too. It can be a daunting task but when you have squarely faced the numbers, you can face the holiday season with a clear head. Having a clear understanding of how far you are from your business targets is essential as you begin the new year and set new goals.
5. Opportunities don’t take a break. They appear when they want to. Take some time before your break to identify them and sketch an action plan, you can jump straight into them when you return from your break.
A mid-year business review is a healthy business management practice. It reveals how well you have travelled and doing so with your books open will help. Contact Sydney Accounting today to get started on your financial review.