The start of a new year is typically a time of  ambitious goal setting for your small business. But before you know it, half the year has flown by, and it’s time to take a closer look at what’s working and what’s not. We like to call this a “mid-year check in.”  

To guide your efforts and ensure the second half of the year is a success, we asked a few experts for their take on how to review—and potentially re-evaluate—your original plan, and the best practices for doing so. Read on to make your mid-year goal check in as effective as possible. 

Evaluate finances first

Your annual goals likely involve a few different facets — but Sacha Ferrandi, founder of Source Capital Funding, Inc. says a strategic way to start your midyear review is to look at finances first. “Although there are many aspects of a business that should be evaluated, your number one priority should always be your finances,” he says. “Your finances should be deeply audited biannually, if not more. By reviewing your finances regularly, you give yourself a chance to get in front of possible issues that may occur down the road. Ask yourself questions like, what kind of financial trends am I seeing? Is revenue starting to slip down or spike up? Are we hitting the profit margins we projected at the beginning of the year?” Your answers to these questions will help identify issues that may be problematic for your current plan. “If you are hitting the mark, it will allow you to determine that your team should continue to do more of what it has been doing,” he says. “If you are missing the mark, after analyzing your financial data, you will be able to adjust your strategy and help boost your company back to where you want it to be.”

Measure results using real data

When evaluating what worked and what went wrong, Evan Harris, co-founder and CEO of SD Equity Partners says it’s important to approach both the evaluation and solution using data. “It is essential that you review your progress and reassess your plan of action to achieve those goals,” he shares. “The best way to do this is by gathering data and determining what action to take based on that data. If you are reviewing your progress just based on how you feel things are going, you may miss some key insights on what you could be doing better. Facts and figures are essential and need to be looked at throughout the duration of a project, not just at the end.” 

If you’re reviewing your progress just based on how you feel things are going, you may miss some key insights on what you could be doing better.

Determine where you can cut back on spending

“If your mid-year financial review indicates that you are falling short of your financial goals, before panicking and making any drastic changes, the first thing you should do is lay out where all the money is being spent and cut out anything that is no longer necessary,” says Ferrandi. “Companies will often find that they are paying for old memberships or software subscriptions that are no long being used or needed. Canceling these old subscriptions can help you save hundreds of dollars a month alone. Furthermore, by laying out where the money is being spent, you can begin to formulate a plan to reduce spending in areas that allow, such as your utility bill and paper waste. By cutting out the low hanging fruit, it allows you to start saving money immediately without disrupting the flow of the company.”

Are you a ClassPass Partner? Access our studio forecasting model to help evaluate your spending in relation to the revenue you’re bringing in. Visit the tools and guides section in your Partner Dashboard to download.

Zero in on what isn’t working 

Even if youre on track to reach your yearly goals, business marketing strategist Gillian Perkins says using your midyear review to identify areas of improvement will put you ahead. “Ask yourself: What worked that you could do more of? What was one of the driving factors of your success that you should focus even more attention on next time? Be mindful of what worked this time to create even greater results when working on future goals,” she says. 

Explore new strategies and tactics

Once you’ve identified areas of your business that need improvement, Perkins says to leverage your learnings from the past six months to make improvements. “As you were working towards your goals, you had some type of strategy and used certain processes to try to achieve success,” says Perkins. “Along the way, you may have learned new strategies or tactics, or have realized that some parts of your process weren’t as efficient as they needed to be to achieve the results you were after. When you’re about to start fresh with new goalsthat’s a great time to plan how you’ll put these new strategies into action.”

Don’t be afraid to change your goals

“The goals you set at the beginning of the year may not be relevant by mid-year due to any number of circumstances,” says Harris. “If this is the case, you can and should adjust your goals.” But make sure you’re strategic in doing so. “Don’t make changes just because you’re not on track to hit a goal,” Harris says. “Only make changes if there is something that is out of your control that is making the goal irrelevant or unimportant. At the point that you realize a goal needs to be changed, make that change. Replace it with something that is worth striving for.” 

Summertime may be a down time, but it’s the perfect opportunity to level up your business. We hope these tips help you take a closer look at where you’ve been and where you’re headed. We have a feeling the second half of the year will be a huge success