Hey there, small and mid-sized business owners! As we hit the mid-year mark (give or take), it's the perfect time to take a step back and assess how far you've come. Mid-year reviews are not just about analyzing performance, writing reviews for employees, or setting new goals. It’s also an opportunity to celebrate your achievements and milestones.
In the hustle and bustle of running a small business, it's easy to skip celebrating your business’ achievements. However, taking the time to reflect and celebrate the progress you’ve made in implementing the strategic plan you wrote at the end of 2022 and acknowledging and appreciating your team's hard work can work wonders for morale and motivation to keep going.
Identifying and Evaluating Mid-Year Achievements
It’s easy to find yourself in grind mode that you don’t know where to start. Look back at the goals you set at the beginning of the year, and assess your progress.
I typically take my longer strategic plan and break them into quarterly goals and further break that down into milestones and tasks that need to get done. I love to check things off on a weekly basis, so stopping and appreciating what has been accomplished in the prior two quarters is motivating.
Utilizing data also helps in determining the part of your plan that may need some tweaking. If you have a team, invite them to share their valuable insights. What are they seeing in their day-to-day work? What changes have they experienced, if any? Being open to different perspectives can help you avoid blind spots and help build a stronger sense of camaraderie.
More than $$$$
While important, succeeding isn't limited to financial gains. As a small or mid-sized business, you've likely had wins beyond your profit and loss statement.
Perhaps you finally landed a meeting with a decision-maker to hear your proposal for a contract that could be a game-changer. Or maybe you’ve finally received notice that your trademarks have registered. Maybe you finally took action and made the investment to pursue securing your brands. Or perhaps you are finally feeling a sense of relief because you’ve made key hires (for example, an assistant or operations manager) that gave you back time to focus on taking your business to the next level or time to just breathe.
Honor all your milestones because each contributes to your overall progress.
Time to Celebrate
After taking stock, it’s time to do something. Treat yourself. If you are solo and work around the clock, plan a weekday day trip doing something you enjoy but rarely get to do.
If you have a team, consider your company culture and budget. Again, it’s a good idea to get the opinion of key players on your team to know what your team would appreciate. Perhaps a paid-day off, gift cards (at places they shop), etc. The point is to do something beyond a verbal praise, or if solo, checking a box and moving forward. It’s important to be intentional about stopping and smelling the roses.
Also, while celebrating as a team is important, don't forget to acknowledge individual efforts. Personalized acknowledgments and rewards can go a long way in boosting employee satisfaction and motivation, and there is no reason why the appreciation has to wait until the end of the year. Consider creating a spotlight or recognition program to honor outstanding team members and their contributions.
The Homestretch
Finally, as we celebrate our successes and get the motivation we need to keep going, it's a good opportunity to check in to make sure you have the right goals for the remainder of the year and a plan to achieve them.
It’s also a perfect time to make sure any outstanding legal/business issues are being addressed or are scheduled to. Business owners should be concerned about its compliance throughout the year and not just at tax time.
Mid-year reviews are an excellent opportunity to reflect on your small or mid-sized business's progress and set the course for the remainder of the year. By taking the time to celebrate your achievements, you inspire your team, foster a positive work environment, avoid burnout, and set the stage for even greater accomplishments.
We’re celebrating serving more growth-oriented small businesses and our new license to provide additional services to businesses in NJ! If you need support heading into the homestretch, reach out to us HERE.
So, let's raise a toast to your mid-year wins and continue the journey to success together! Cheers to a prosperous second half of the year! 🥂🎉