Mid-year MeasurementJune 28, 2016
Assessing Your Business Goals
The start of a new year is typically a time of looking ahead — a time when most businesses map out the next 12 months and start thinking of how to achieve their goals. Unfortunately, as with many personal resolutions, these ambitious plans often go unfulfilled. That’s why it’s so important to check in mid-year and evaluate your strengths and weaknesses to date. Often, the summer brings seasonal slowdowns in many industries, making it a perfect time to reflect. Here are a few things to ask yourself as part of a mid-year business assessment:
- What have been your biggest accomplishments over the past six months? This could include landing a big contract for upcoming work or simply making it through a difficult period when others in your industry have faltered. The important thing is to begin your mid-year assessment on a positive note and to think about what specific factors led to these successes.
- What have been the biggest challenges? The flip-side to positive thinking is, of course, being realistic about where you have fallen short in the year to date. Think of struggles you’ve had and ask yourself what led to them — whether it was a failure of leadership, an on-the-job accident or even a period of poor weather that led to project delays. Chances are these aren’t isolated incidents, and through corrective action or better preventative planning, you’ll be able to prevent them from recurring in the future.
- How solid are your financials? By mid-year, two quarterly tax filings will have passed. Regardless of how well sales are going, now is a great time to look closely at the numbers to see if they reflect the relative success or failure of the year to date. Even the best businesses can be careless with money at times — if something looks off, it may warrant deeper investigation.
- How are employee-management relationships? Ultimately the relationship between your staff and your management team is one of the most critical to the success of your operation. How would you rate things overall? Who is standing out and who could benefit from additional training? On a related note, the summer months are also a great time to hold teambuilding exercises and employee appreciation events,
- What have your customers been saying? Every business should have performance monitoring and evaluation tools in place. Now is the perfect time to review them and look for areas where improvement is needed. Don’t be afraid to cold-call long-time clients to check in and find out if there is anything you could be doing better.
Even if the last six months have been tough, remember — the year is only half over. If you’re honest about where you are currently and where you’ve been, there’s still plenty of time to turn around a difficult year. To find out how Fabick Cat can help you achieve your goals through cost-saving fleet management solutions, contact a sales representative directly.