The Quintessential Small Business Mid-Year Review Guide (2022)
Did you know that almost half of all small businesses fail within the first five years of starting up?
Your first five years of business are imperative and represent your ability to survive long-term. There are several things that add up to the success of a business, and unfortunately, far too many small business owners wait too long to focus on some of these critical aspects. To make things a bit harder still, the core items for each business is often vastly different.
However, knowing how to administer a small business mid-year review is a vital way to ensure you don’t miss some of the smaller, yet powerful items. Trust us, we get it. There’s already little time in the day as is. But no matter how tired or busy you think you are, setting aside time to hold a review can be a massive part of achieving your financial goals.
Although it can seem overwhelming, any big project can feel much more doable when breaking it up into small chunks. Here's a simple, actionable small business guide to help you understand how to conduct a business review.
Why You Should Conduct a Small Business Mid-Year Review
As per usual, let’s start with the basics first. What exactly do we have in mind when we are talking about a mid-year review anyways? The review itself can be varying based on your specific small business, but the essence of every review should be the same: to gauge where your business is relative to the goals you set at the beginning of the year as well as your rolling 5, 10, 15-year plans.
The most effective small business reviews integrate planning, adapting, organizing, and leading. That’s a touch generalized, but that’s what we are here for. The primary purpose, or “why”, of conduction this review is to give you the ability to realign your business throughout the year. Or to put it a bit more plainly, this is the built-in process that strips you of procrastination of fixing weaknesses or taking advantage of your strengths.