Re-energise your business with a  mid-year review

Thousands of small businesses are launched every year. Yet, despite the good intentions of the entrepreneurs that run them, many don't stick around.

In fact, a recent report written by the Entrepreneur found that 50% of small businesses fail within the first 5 years. A key reason why business owners should always be on the lookout for new ways to improve their business. 

One popular way to improve business efficiency is by conducting a summer review. During this typically quieter time of the year, you can assess every area of your business to set revised goals or identify where challenges are likely to stand in the way of your overall
year-end success, thus re-energising your business. 
 
To do this, utilise an integrated business tool, such as an Enterprise Resource Planning, or ERP, system. Software which allows you to gather real-time information from all departments, see every process which contributes in-depth data, as well as give you a way to consolidate and report on performance. For example, during this time, you may want to review: 
 

How much demand there is for your products  

 Do you notice an increase in sales during a specific period, such as over seasonal holidays? Identifying spikes in public interest means you're suitably prepared for increased demand. For example, you could increase the number of products you have in stock in anticipation of this. 

Potential sales opportunities 

Customers like to feel they are getting good value for money, meaning that sales and discounts could be a great way to bolster your sales and make sure you meet your financial targets. For example, could you group certain products together? If some products have not been selling, you could schedule a clearance sale, and sell raw materials you know you won’t use, so you can release stock and move on to more prosperous projects. 
 

Assess your finances 

A good business owner should have good control over their books. Now may also be the perfect time to ensure your finances are appropriately managed. For example, if you've noticed that you have a lot of outstanding bills, you might want to look for a way to improve cash flow throughout your operations. 

Any changes that need to be made to your facilities 

Your working environment is likely to impact both employee efficiency and customer satisfaction, meaning it may also be time to consider carrying out some essential on-site maintenance. However, you should pre-plan maintenance when those periods of slower activity are in full swing to limit any disruptions. 
  

Identify what barriers are getting in your way 

When carrying out a mid-year review, you must figure out which areas of your business are not working. For example, do some areas of your production need a process review to speed things up? Are there recurring barriers that always pop up every year, or more frequently? 
 

Employee satisfaction 

 Employee satisfaction rates contribute significantly to workplace productivity, which means taking the time to plan activities that can re-energise or reward your team could result in some unexpected benefits to the business's performance. For example, you could host various morale-boosting social events, consider indoor, outdoor or even online. Alternatively, you could help your teams set new targets linked to rewards or incentives they'll actually want to work for. 

Get the legal stuff in check 

There are many legal requirements to running a business – compliances, regulations and more, that you’ll need to meet if you want to succeed in the long term. For example, you should check whether any of your certifications have pending actions, plan for your next audit or simply update yourself as to when renewals are due. 
 

Planning for the future  

Many business owners take the view that performance reviews should focus on past actions - it's good practice however to also put plans in place for the future. For example, you could trial ad-hoc - campaigns or products to regenerate hype around your brand during this period of downtime. You should also figure out whether you need to expand your team, and consider if the team is able to deliver what you have planned? 
 
Outsourcing, agency or freelancers may be the place to start if you want to explore additional resources without firmly committing to an additional person or team of people. You could also set up a new social media platform to expand your brand reach to a broader audience segment. While there are endless possibilities in the future, try setting achievable goals to stretch your team to perform above and beyond before the end of your year. 

Trust WinMan today 

Carrying out several business reviews throughout the year is incredibly beneficial, as this helps keep your business on track. However, carrying out a thorough report in the summer, mid-year, or in a known quiet period for your manufacturing or distribution sector, enables you to make impactful changes before your financial year-end. If your business isn't already taking advantage of an ERP system, you could be missing out. 
 
WinMan is an ERP software vendor operating in the UK and US. We're an established author and distributor offering both on-premise and cloud ERP solutions for small, medium and large businesses that wish to consolidate, implement or improve their systems. 

 
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