What should you check in on for a Mid-Year Review? – Part 1

We are half-way through the financial year.

How are you, your team and your business tracking against plan and budget?

It is critical that you check in now and conduct a mid-year review. Are you in front, on par or behind your expectations for the year so far?

In this 2-Part Blog, I outline the critical areas to review at the half-year mark. While monthly and quarterly progress must be monitored, the mid-year review is the key milestone before hitting the end of the financial year.

In Part 1 I will outline the ‘Qualitative’ areas to review, and next time in Part 2, I will pivot to the ‘Quantitative’ factors.

So let’s get started on considering the qualitative areas to consider in conducting a mid-year review.

QUALITATIVE AREAS TO COVER IN YOUR MID-YEAR REVIEW

Owners’ Meeting

Business Owners should schedule a meeting together either locally or remotely to conduct a mid-year review.

The qualitative factors to workshop and discuss prior to meeting with management and the wider team include:

  • Review of strategic Plan

  • Business performance against ‘theme’ set for the financial year and overall plan

  • Operational review

  • Honest assessment of progress on Top 5 Goals

  • Review of key projects

  • Customer feedback and case studies for half-year

  • Business development activities assessed

  • Sales & marketing activities – wins, losses and lessons learnt

  • People & culture

  • Management and leadership assessment

  • HR – new starts, departures & new hires planned

This provides both a forum to workshop the business at the half-year point and prepare content for discussion with the management team/key people and the wider team.

Management

Meet with your management team or key people to discuss all of the key areas above including:

  • Seek management input on key areas

  • Share and detail owner’s considerations

  • Feedback & needs analysis

  • Focus on remobilising team for run to end of fin year

  • Review fast-tracking operational functionality and productivity for the run home

  • Set out the plan to share these half-year review findings with the broader team (and relevant external parties if applicable)

Half-Year Review – Team Meeting

Schedule a Half-Year Review Team Meeting with the entire team covering the above qualitative areas with key people to present:

  • ‘State of Business Affairs’ summary covering the half-year to date in terms of achievements, setbacks, opportunities and threats (Owner/MD/GM to present)

  • Management update (GM/Operations Manager to present)

  • Operational update on what to keep doing, stop doing & start doing (GM/Operations Manager to present)

  • Key Project Review (Project Champions)

  • Production/Service update on quality (Production/Service Head)

  • HR update on people/culture, training/development, policies, new starters, exits and pending new hires (HR Manager)

  • Sales update on customer base, feedback and opportunities (Sales Manager)

  • BD, Marketing & Communications update (Marketing Manager)

  • Business administration (Finance)

  • Technical update (if applicable)

  • OH&S

  • Open Forum (Team Q&A)

Individual Team Members

Direct Reports to meet with individual team members 1-1 re:

  • Annual Performance Reviews on half-year progress (performance not pay)

  • Progress on their individual Top 5 Priorities/Goals set for year

  • Where are they winning, struggling, stuck and how can you help them progress in the back-end of fin year

Project Teams

Project Teams to meet and conduct a detailed half-year review of key projects.

Report qualitative insights to management/owners.

Sales & Marketing

Sales & marketing team members to meet and review:

  • Business development activities on execution and success for the half-year

  • Review Annual Calendar and discuss activities and communications for balance of year

  • Workshop new or emerging topics, focus and opportunities

Finance

Review finance & business administration re:

  • Reporting on timeliness and accuracy

  • Policy & procedure adherence

  • Relations & issues with external parties (ATO/Bank/Lawyers/Accountants etc)

In Part 2 of this blog, next time I will outline the ‘Quantitative’ factors to consider in your mid-year review.

 

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Email me at darren@darrenkbourke.com to schedule a meeting (at no cost or obligation) to discuss how I can help you, your business and your team this year.