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Fundamental Mid-Year Checkup Tips for SMEs

Having a mid-year checkup requires time and effort, but the benefits far outweigh the resources you put into it. We’re about halfway through 2022, and while the start of the year typically triggers business assessment and opportunities, we often disregard taking time to focus on business objectives throughout the year.

Mid-year checkup can be the perfect time to evaluate business goals to check what’s working, what’s not, and what can be done to finish the year off strong.

As you assess your business plan and accomplish a mid-year checkup, here are a couple of questions you should consider:

Is the organizational chart still good?

It’s normal for businesses to see employees come and go throughout the year. Suppose your business is left with talent gaps from organizational changes, or has improved due to new talent you managed to hire this year. In that case, it might be time to reconfigure your company structure to take full advantage of your gains and losses.

Review areas where employees have demonstrated strength outside of their present job descriptions. You can consider “specialists” for those that have shown particular skill at something and ensure that other employees have a resource and sounding board when in similar situations.

Do you engage with new customers?

The marketing strategies you had at the beginning of the year might still be good, but they might also require modification to help you get new customers. Online tools and software can help you take a mid-year assessment of messaging across channels and strengthen consistency, vital as you introduce customers to your brand. Assessment and tools can help you organize and develop content as you go through your plans.

Does your offer still meet the needs of your audience?

Things can happen in six months, and products or services that might have worked in January don’t mean marketplace shifts or trends haven’t affected their relevance. If you want to ensure that you have what your audience needs or wants, the best step is to ask them. If applicable, evaluate the value of your products or services through polls, customer comment cards, or even personal conversation.

Is your technology updated?

Many businesses, particularly startups, don’t have a surplus of funds available for unplanned technology investments mid-year. However, it would help if you still paused to evaluate how your assets and IT infrastructure support your business growth. You’ll likely see areas for improvement that can be quickly done and with little cost.

Try considering a website refresh, for instance. Allowing remote capabilities will ease issues about in-location work and even boost productivity. You can also use this time to assess your finance technology solutions to see if a better business bank account provider has better services and features to help you succeed.

Is your banking provider still good?

Moving on from a financial institution is a big decision. However, loyalty may not serve your business well if your provider isn’t providing the right products or best possible features. Your business bank account and provider must be an asset to your growth. Check if your current provider still offers good customer service, funding options, protection, and processes. Answering these will help you decide if a new business account is good.

Doing a mid-year checkup may lead to you simply making plans for investments in the coming year, and that’s okay. Developing a plan as early as now for the upcoming year is always a good thing. Indeed, conducting a mid-year checkup can be challenging and take time, but your business’s health and potential benefits are worth it.

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