Mid-Year Review of YOU and YOUR business

Time for a review? I am writing this blog in July of 2018 and, if your company uses the calendar year as its fiscal year then this is an excellent time to review and take stock of where you stand compared to your goals.   There is still time left in the year to make changes or mid-course corrections that will help you achieve your goals by the end of the year.  Here are some pointers – things that you should not overlook.

  1. Goals for the year – what are they? Are they quantified? Are they ‘SMART’ (Specific, Measurable, Actionable, Realistic, & Timely).   Do you know where you should be compared to your goals at this time of the year?  If you don’t have goals, now would be a great time to create them. Don’t make too many but rather a few that are SMART – that you can accomplish with some effort.  They will be well worth any elbow grease it takes.
  2. Financial reports – are your financial reports accurate and timely? Are they easy to understand?  As a business owner do you review them with someone who has finance expertise and who can help you identify problems?   If your finances are a mystery, then this would be a great time to talk with someone who can help you unravel the mystery.
  3. Are you able to project cash flow for the balance of the year? Do you have someone who can help you do that and who can help you determine what decisions today could improve cash flow tomorrow?  Cash is king and you need to know where you stand at all times in that regard.
  4. Do you have a good relationship with your banker? Do you see that person ever?  Many business owners don’t.  If this is your situation then you should consider changing banks.  A bank that doesn’t take the time to meet with you personally at least twice a year really doesn’t have your welfare at heart.  Fix it.
  5. Ditto with your wealth manager. You do have a wealth manager, don’t you?  If not, get one.  A good wealth manager can help protect you and your family.  Too often we get so focused on our businesses that we lose sight of our own well-being and that of those we love.  Don’t put this off.  Either meet with him / her soon or find someone who can help you achieve your personal goals.
  6. How is your relationship with key employees? – key customers?  Do any require your attention?  Both are vital to your success so put some time in on improving those relationships.  They are vital.
  7. Are there any storm clouds on the horizon? For example, there may be some issues with the economy that could threaten your company.  Or there might be some potential changes in Federal and state laws that could have an impact as well (good or bad).  Have you identified those items, and do you have a ‘plan B’ if the worst occurs?

This would be a great mid-year review.  It will vastly improve the likelihood of a successful year.

photo credit: wuestenigel 2018 Calendar with Pen and Laptop via photopin (license)

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