Your Midyear Business Health Check
Did you set goals for your business at the start of the year, back in January?
If you’re like most entrepreneurs, I’m sure you did. But, unlike most other entrepreneurs, you are NOT going to wait until December to assess your progress on those goals because we’re diving into that right now.
In today’s post, I’m guiding you through a midyear check-in for your business. Midyear is the perfect time to realistically determine if the path you’re on is still serving your larger goals, or if it’s time to reroute your GPS to make the most of the second half of 2022.
Read on to find out how to organize your own midyear review.
And don’t worry - this is a judgment and stress-free exercise. Wherever you are right now is exactly where you're supposed to be.
We’re 6 months into 2022 - exactly halfway through the year.
It's the middle of the year, and we're coming up on the summer solstice, which is a beautiful representation of all the light, beauty, and abundance that's ahead of us. I find that now is a really good time to do a midyear business health check.
What do I mean by this?
Well, let’s say you’re headed out in your car on a long road trip. At the start, you pop your destination into your GPS and hit the road. Though at some point, when you’re making a pit stop, you (along with your GPS) will check the conditions and look out for any upcoming traffic or other issues. Your GPS may end up rerouting you to ensure you’re still on the best route to your destination.
The same system of assessing your route along the way is also an excellent idea for your business.
Most entrepreneurs set goals at the same time in January. Then, they head out into their year focused on trying to achieve X. Some get there, some don’t. Come December, they check-in with the original goal and see where they ended up.
But here’s the thing - January to December is too long of a time to go without a check-in. If you wait the entire year, you miss opportunities to reroute yourself. Your goals may have been better served and more likely to be attained if they’d been assessed along the way and potentially rerouted. And you can only make the decision to reroute if you always know exactly where you are, where you’re trying to go, and the obstacles in between.
Where are you right now in your business?
In beginning your assessment, start by determining where you’re at and where you want to go from here.
What does my current situation look like?
Am I actually producing what I want to produce?
Are things happening in the way I want them to happen?
Is my business giving me the freedom and joy that I want?
Where do I want to go with the rest of my year?
The key here, especially as you get rolling, is to not be hard on yourself. Even if you’re not where you wanted to be, that’s ok. You are exactly where you are. There's no going backwards, so don't beat yourself up over it.
Wherever you are right now is exactly where you're supposed to be. Know this, accept this.
Acceptance allows you to take a step back and assess the big picture without judgment.
Are you where you want to be? If not, what are you going to do about it?
Are you fulfilling your purpose on a daily basis and doing what lights you up? Do you feel like your gifts are being put out into the world in a way that serves your clients in the best way possible?
You can use this midyear check-in as both a reality check and a wake-up call.
How to conduct your midyear business health check
Begin by finding a place where you can feel comfortable and get quiet. You want your environment to be a container that supports you. Maybe get a cozy blanket and a journal.
During this time, I want you to be a kind guide and mentor to yourself. Because if you're going to be honest with yourself, this is not about shame. This is about grounding yourself into a place where you feel super comfortable to journal on your deepest, most inner thoughts about your current reality, free of judgment.
Next, determine how you’re spending your days. What is your intention?
If you have an intention, you have a focus. And that's how you get better, little by little, day by day. What is it in your business that you want to continue to improve upon? Maybe it's creating more freedom, maybe it's creating more boundaries, maybe it's creating more sales, maybe it's creating more leads, maybe it's finally creating that funnel. Sometimes these goals/intentions can span over multiple weeks. The important thing is that you’re not just waking up each day and attacking your to-do list without intention. That’s a quick way to lose track of your intended route.
In this step, you’re ultimately determining where you’re at, what’s working, what isn’t, and what you want to improve upon moving forward.
This midyear check-in is also a fantastic time to check on your business’ financial health.
Take a look at your profit number. Profit is different from revenue, and it’s important to note the distinction. Your profit is going to give you your actual income, after expenses. Is this number something that you can live off of, and something that creates the freedom you’re seeking?
Next, take a look at your business expenses, particularly recurring expenses. Make cuts accordingly for anything that’s no longer necessary. Be mindful of where your money is going and how you're spending it.
Lastly, determine what you can do to bring in more leads, and thus, more sales and revenue. How can you better serve your clients in a scalable way?
Once you complete your midyear check-in, I’d love to hear how it went. DM me on Instagram and let me know what you tapped into. Please also share this with a business friend who needs to do a midyear check in of their own to recalibrate and reset where they're going on their map.