Consider conducting a mid-year business review
So we’re more than halfway through the year and hasn’t it flown? It feels like yesterday we were thinking about New Year resolutions for the business and embracing the start of a new year with the opportunities it brings to view the business afresh.
Now summer is almost over (sorry to highlight that!) and as September looms, it brings with it another chance to think about business reinvigoration and review. July and August can be a funny time in business as with many on holiday, making any headway can seem a pointless task (unless of you course your business is seasonal and thrives in the summer months).
It is wise to use any downtime to think about goals for the last quarter of the year. September brings a real ‘back to business feel’ and with many having taken time off work in some form, a refreshment has been had and therefore it’s a good time to use the renewed energy to good use.
Think about reviewing books – keeping accounts in check, making sure you’re adhering to duties on tax returns and book keeping are good tasks to get on top of. Are you on top of the payroll duties and changes, flexible working rules – or have you considered leveraging freelance services? Consider having a chat with your accountant to ensure you’re making the most of available resources and to help with any forecasting or mid-year review to address any concerns early, so that they may be rectified before it’s too late.
It’s good to review services too. Professional services or utilities – or products you buy for the business – should all be reviewed on a regular basis to ensure you’re getting value for money and the best deal for your business. If you’re not getting this, speak to the provider about your concerns and give them an opportunity to meet your needs. Most will prefer to adapt their approach to retain your business than risk losing it.
Review your competitors too. It’s always good to keep a regular eye on the competition, which can often help you keep differentiated and be a good indicator of market conditions.
Do you have risk management in place? Do you need to? Whether it be minimising risk of cost of repairs needed as a result of a disaster or accident or a professional indemnity policy to protect against lawsuits, consider what risks could affect your business and plan accordingly.
Whilst Christmas is often seen as the ‘taking stock’ period and the New Year time for review and change – the middle of the year is as good a time as any to review. To check you are still on track and heading in the right direction is a wise thing to do.