Measuring business performance and setting targets are the cornerstones of business growth. Business performance review is important since it helps entrepreneurs to know with certainty how the business is performing; get the most of market opportunities; update the business plan; establish whether the business is moving in the envisioned direction and figure out the responsiveness of the business to market demands.
Key points to note in mid-year business reviews are as follows:
- Celebrate your wins. Milestones are profoundly great marketing avenues as they provide businesses with opportunities to tell their story to their customers and employees. They give businesses reasons to appreciate employees’ hard work and subsequently help in making bigger goals more achievable.
- Assess your core activities. This can be achieved by:
- Judging whether you are effectively matching your goods and services to your customers’ needs by conducting market and customer analysis
- Evaluating the performance of each of your products and service
- Assessing the problems facing your products or services in terms of pricing, marketing, sales, and after-sales services, packaging, and design
- Appraise your financial position. Assess your cash flow, working capital, cost base, and growth. The business ought to consider:
- The feasibility of purchasing certain goods
- Whether the business is profitable or not and whether it shall be in the future
- The level of cash runway the business possesses
- Availability of capital to invest in new lines of business
- Conduct competitor and market analysis. It is imperative to know:
- Who your present competitors are
- What they offer
- Their product pricing
- Their profile and customers
- Their current strengths and weaknesses.
- The changes in your market, new and emerging services
- The changes in customers’ needs
Ultimately, by looking at the big picture of the business and clearly defining key action points, the business stands to be guided over the next 6 months of the year.
Reach out to have your half-year review of your business.