Believe it or not, we’re almost four and a half months into the new year, which means it’s time for a small business review mid-year. Where did that time go? Who knows!
We can only assume that whoever holds the remote control to our timeline is keen on the fast-forward button. This is especially true when trying to run a business, and the daily challenges and routines often feel longer than the monthly schedules.
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Mid-Year Reviews
For this reason, now is a good time to cement a mid-year business review. That’s not to say you’re going to change your direction entirely or come up with a brand new vision, but now is a good time to begin thinking about how you’ll reflect on your business, what meetings you’ll put in place, and if any self-audits are worth doing.
That way, you can at least correct a poor direction before it bites you later on down the line.
With the following advice, we hope you can feel a little more confident in your approach:
Review Your Marketing Success Thus Far
At the start of the year, every marketing idea tends to feel exciting, especially when you have a fresh twelve months of trading in front of you. But four months in, the numbers usually tell a more honest story.
Now, some efforts, such as SEO, are worth waiting on results, but more directed campaigns may need to be reviewed now.
As such, it could be helpful to review engagement stats, ad performance, or even customer responses to see what still feels relevant and what needs to be shelved. Maybe now is the time to use a Google Ads agency to optimize your approach better next time.
Consider Software Modularity for small business review
There’s no shortage of software promising to make business life easier, but it’s surprising how quickly tech stacks can start to feel bloated or disconnected when you’ve slowly grown them over a few years. It’s not unusual to have half a dozen systems doing similar things, none properly talking to each other.
This is a good moment to think about what’s pulling its weight. Software that offers modular features or that can be easily added to is often easier to manage or convert to than what you usually have.
That way, you can switch parts in and out without rebuilding the entire thing from scratch. Ask your staff to see if any common issues come up, and this way, you may save yourself some inefficiency at your small business review.
Review Staff Schedules & Priorities
Everyone’s rosy-eyed at the start of the year, but now that things have settled into their steady beat, it’s a good idea to check how people spend their time. Having staff brief you on what they’re doing, where they believe inefficiencies exist, or any issues they’ve noticed in the management change could help you.
It at least helps you begin to know where to look, and it’s best to understand that halfway through the year rather than later. A small business review will help you accomplish that now.
Review Budgets at Mid Year
Mid-year is the perfect time to examine your budget closely. Are your expenses on track? Are revenues meeting expectations?
Review your projections and compare them with actual numbers to spot any discrepancies. If something’s off, adjust now instead of waiting until it’s too late.
Focus on variable expenses—like marketing or travel—that may have gone over or stayed under budget. Also, examine underperforming areas closely and decide if reallocation will help.
Updating your budget mid-year isn’t just about cutting costs; it’s about realigning priorities and ensuring your financial goals stay realistic and achievable. It also helps you prepare for the upcoming tax year or redo your quarterly tax payments.
Review Quarterly Payments at Mid-year Small Business Review
You don’t want to send in the same quarterly taxes if you make more or less than anticipated at the beginning of the year.
I keep a close eye on that, as I’ve had to pay a significant amount in April to compensate for the differences. And then, April 15 is also a quarterly payment due, so it’s a double whammy.
You’ll get out of the hole just in time for the June quarterlies. So, check your small business review carefully and review those numbers carefully.
Lastly, ask your accountant about tax changes for the upcoming year to avoid surprises..
Conclusion: Preparing For a Small Business Review
Wrapping up a small business review clearly outlines the key points. Focus on what worked, what didn’t, and actionable next steps.
For example, highlight strengths like customer service or product quality, but don’t overlook areas that need fixing, such as pricing strategies or marketing efforts. Be honest, but keep it constructive. It’s not just about identifying problems—it’s about finding opportunities to grow.
Whether you’re the owner or a customer, the goal is to help the business move forward with clarity and purpose.
FAQs: Getting Ready for Your Small Business Review
What’s the first step to prepare for a small business review?
Start by organizing your financial records. This means gathering documents like income statements, balance sheets, cash flow statements, and tax returns. Make sure everything is accurate and up to date.
Should I involve my accountant during this process?
Yes, if you have one. An accountant can verify numbers, spot errors you might miss, or provide valuable context for any financial trends.
Is it necessary to review non-financial metrics?
Absolutely. Look at customer feedback, employee performance, operational efficiency, and market changes. These categories can uncover potential risks or opportunities.
How often should I conduct a business review?
You should do a full review annually at a minimum. Quarterly reviews are even better as they allow you to adjust more quickly.
What tools can make the review process easier?
Bookkeeping software like QuickBooks or Xero can simplify tracking income and expenses and generating reports. Spreadsheets can also work but may require more manual effort.
Should I share the review results with my team?
Yes, but only share what’s necessary. For example, employees don’t need to see sensitive financial data. Instead, focus on company goals, areas of improvement, and how the team can contribute.
