Did you blink and all of a sudden, it was the middle of the year? Where did February go, let alone April and May! The year is racing by as it always does. So, now that we are in the midst of June it is time for a mid year check in.
How is your year going? Are you achieving the things you want to?
If not, don’t panic. There is still another 6 months to go.
Let’s look at the areas you should explore in your mid year review to keep yourself on track for the end of the year.
Pause And Assess
You can freak out about how much of the year has already passed, or you can look at it in a more positive light and learn from the first 6 months. What has worked well in your team, and what hasn’t? Are particular team members excelling, do some people need some help and guidance?
After 6 months of business, you will have a pretty good idea of how the year is going. Use that knowledge to build an even better second half of the year.
Recognise Changes
A lot can happen in 6 months. The year could pan out differently to what you had imagined when it started. Unexpected events could have happened, law changes such as the rise in minimum wage might have affected your business, or you could have had a staff change within a key role.
Whatever changes you have experienced, it might mean that your business is on a slightly different path to what it was before. It is important to recognise and acknowledge that. It might have changed your goals, your direction, or team dynamic. Evolve with the changes, don’t get stuck and unable to move forward.
Goal Assessment
Many businesses set goals in January for all the amazing things they are going to achieve in the year. But then business life happens, things get busy, and the goals often get cast aside. But if you set the goal in the first place, it was obviously something you were passionate about. It is not too late to reignite that passion.
The middle of the year is a fantastic time to restart progress on your goals. Why? Because you have 6 months worth of knowledge on how the year is panning out. You can tweak your goal to ensure it is not only achievable, but resonates with what you know about the year so far.
Once you have finished tweaking, it is time to establish a timeline. Look at what you want to complete and how long you have to do it, then break the goal down into what you want to achieve each month. Then break it down further to what you want to achieve each week. You will be well on target to achieve your reworked goal by the end of the year.
KPI Review
After reviewing your goals, it is vital that you then review your KPIs to check that they are still in line with the areas you want to focus on. After all, the purpose of a KPI is to ensure your business is on track to achieve your objectives. Reviewing individual and business KPIs will allow you to get the most out of the year. Even if things have not changed markedly, you still need to take the time to review KPIs to ensure everything is on track.
Employee Check In
The middle of the year is a fantastic time to check in with your team members. While we encourage regular catch ups throughout the year, we do understand that things can get busy. That is why we recommend that you make a real point of connecting with each of the members of your team individually in the middle of the year. That includes employees, contractors, service providers, and volunteers.
This doesn’t have to be a formal appraisal situation, but it does need to be a valuable meeting. Here are some of the things you should cover off…
- Recognising achievements and positive behaviour
- Setbacks and errors should be addressed at the time of occurrence, don’t save them all up for a mid year review, or end of year assessment. However, if they have not been addressed, now is a good time to provide constructive feedback so that the same mistakes don’t keep happening
- Discuss how they are finding their role
- Offer opportunity for upskilling if needed
- Discuss each employee’s individual goals and ambitions – they may be ready for the next step
- Ensure they are adhering to their personal KPIs
Does the thought of a mid year review send you into a panic? If that is the case, we are here to save you time, stress and energy with some great advice on how you should complete it. Get in touch with us today so that your business can have an exciting and productive second half of the year!