The Importance of Performing a Mid-Year Evaluation
One critical practice that can help you stay on track and achieve your goals is performing a mid-year evaluation. This process is an essential checkpoint that allows you to assess your progress, make necessary adjustments, and ensure that your business is aligned with its vision.
If you have been following for a while you know what a big fan I am of Vision Mapping and how impactful it's been in my life and business. Your vision is your roadmap to everything you do and it's bigger than any goal. I wrote a blog about vision, if you are interested in learning more, read it HERE!
Now back to your mid-year eval, let's chat about six areas to review.
Vision: Keeping Your North Star in Sight
Your vision is the guiding light of your business, the ultimate goal that drives every decision and action. At the mid-year mark, it's vital to revisit your vision to ensure that it remains relevant and inspiring. Ask yourself:
Are we still aligned with our original vision?
Have any new opportunities or challenges emerged that require a shift in our vision?
Does our team still resonate with this vision?
By evaluating your vision, you can reaffirm your commitment to it or make strategic pivots that better reflect your current reality and future aspirations.
My vision isn't about money or revenue, it's about impact. Not just with my clients but with my husband, children and other relationships. It's easy for me to get into the trap of focusing on numbers, but reminding myself of my vision and how I define success around that keeps me focused and grounded. Which leads us to the next point. 🙂
Impact: Measuring the Difference You're Making
The impact of your business goes beyond profit margins; it encompasses the value you provide to your clients and the broader community. During your mid-year evaluation, consider the following:
How well are we meeting our clients' needs?
What feedback have we received, and how can we act on it?
Are there any new trends or demands in the market that we should address?
Assessing your impact ensures that your business remains client-focused, reinforcing your brand's reputation and loyalty.
For me, this is one of the most important things to evaluate. Are you making the impact you want, are you supporting your clients well with services they need. Also evaluating where your dreamy clients are right now and finding new ways to support.
One area for me that I've tapped into more recently is sales. Sales are down for many of my clients and I have experience and knowledge in that arena, even though I've been shy in bringing that piece out as I don't consider myself a sales coach, but if I can support my clients in that way and they find value it's a win-win!
Services and Sales: Analyzing Performance and Potential
Your services and sales are the lifeblood of your business. A mid-year evaluation is the perfect time to scrutinize these areas:
Which services are performing well, and which are not?
Are there any emerging service needs or opportunities that we can capitalize on?
How do our sales figures compare to our projections?
By taking a deep dive into your services and sales performance, you can identify areas for improvement, streamline offerings, and potentially uncover new revenue streams.
We many times overcomplicate our offerings, me included. Many times beings simple and super clear on what we offer has a bigger impact not just on our clients, but also on our bottom line. People know exactly why and when to call us. Also, if you are not tracking and forecasting your sales you are doing yourself a disservice. Using a sales tracker can help you plan out how you'll hit your goal and what is needed to accomplish that.
Systems: Ensuring Efficiency and Scalability
Efficient systems are the backbone of a successful business. During your mid-year review, evaluate the effectiveness of your current systems:
Are our back-office processes streamlined and efficient?
Have there been any bottlenecks or inefficiencies?
Are our current systems scalable to support future growth?
Optimizing your systems can lead to improved productivity, reduced costs, and a more flexible business capable of adapting to changes swiftly.
I'm all about systems, as you know! This is a great time especially if client work minimizes in the summer to put some time, energy and resources to up-leveling your systems. The systems I recommend updating are client experience, and project management. Both of those can have massive impacts on your efficiency and effectiveness and will have a direct ROI in your business. In other words, you'll get time back to do other things!
Team: Assessing Strengths and Areas for Development
Your team is your greatest asset. A mid-year evaluation should include a thorough assessment of team performance and dynamics:
Are team members meeting their performance goals?
Do we have the right people in the right roles?
What training or development opportunities could enhance our team's skills?
Investing in your team's growth and well-being not only boosts morale but also ensures that you have a capable and motivated squad driving your business forward.
This could be an internal evaluation, where you are reviewing the roles and evaluating needs, holes and adjustments. Or it could also include actual meetings with your team to find out how they are feeling about their role, any ideas they have for the growth of the business and where they want to be in the future. I love staying connected to my team and I'm not one to hold them back, but want to inspire them to be the best version of themselves. Which usually means people move on at some point, and I'm ok with that.
Goals: Tracking Progress and Setting New Milestones
Finally, a mid-year evaluation is the ideal time to review your business goals:
Which goals have we achieved, and which are still in progress?
Are our goals still aligned with our vision and current business environment?
What new goals should we set for the second half of the year?
Setting clear, achievable goals keeps your business focused and provides a roadmap for continued success.
Take this time to review your goals, make sure they are still in alignment and don't be afraid to change them if needed. I think sometimes we get stuck in an idea we had months ago and get defeated if we don't hit that. We can only control what we can control and our mindset is a big one we have full control over. Set yourself up for success! That doesn't mean you also shouldn't have stretch goals.
For example I knew I'd get defeated if I had revenue goals this year, so instead I made relationship goals. Networking and coffee chats and meeting new people, which I love to do. And I know those activities usually lead to opportunities. Those meetings I can control, revenue I can't always. So I am stretching myself in an area that will have ROI, without getting myself in a position to be discouraged. So this is the year to ask me to have coffee. 🙂
Remember, this process is about more than just checking boxes; it's about staying true to your vision and continuously striving for excellence in every aspect of your business. Embrace this opportunity to refine and enhance your business strategy. Your future self—and your business—will thank you.
