Mid-Year Goal Review
We are just 16 short days away from the end of the second quarter. That means that 2018 is already halfway over. Time flies when you are having fun, right?
Now is the time to dust off those goals you were so excited about in December and January and assess your progress. Here at 12five we have a process of setting annual goals, and then breaking those down into smaller, quarterly chunks. This allows us to see if we are on pace throughout the year, and adjust our strategies as we go. We also do a mid-year review to look at the overall picture.
What should a mid-year review consist of? Plan to set aside a few hours in the next few weeks with key decision makers within your company. The purpose is to review your goals, your progress toward them, refresh key priorities and develop a plan to make it all happen. Here are a few starting points to outline your time:
1.) Move from large to small
Spend a few minutes reviewing the big things: your vision, mission, purpose in business, target market and 10 year plan. Have there been any significant changes to these things that have popped up in the last 6 months? If so, what changes need to be made to better reflect the new direction of your business?
2.) Review short term goals
What objectives have you set with a goal of achieving them within the calendar year? Take each goal and collect data to see if you are on pace. For example, if a sales team had a $1MM sales goal for the year, and are at $400k for the first half, they would be behind pace. This can lead to important discussion - is it timing, prospecting processes, employees, the marketplace or something else? Go through this exercise with each main goal, or each department.
3.) Refresh Q3 and Q4 goals
Now that you have collected data and discussed your progress on your short term goals in the first half of the year, it is time to be realistic about what can be accomplished in the second half. It is common to create lofty goals and then be disappointed when they are not met. Make solid, specific goals that move the company in the right direction and can be achieved in Q3 and Q4.
4.) Assign accountabilities
So many great ideas come up during planning meetings when leaders step away from the day to day business to brainstorm and dream about the future of the company. Don't let these important ideas get away! Every idea, process and goal must have a person assigned in charge, who is expected to report back on progress related to that specific goal on a regular basis. If everyone thinks someone else is working on it, it is sure to never become a reality.
Make it a priority to set aside time in the next few weeks to focus on building your business instead of running the day to day operations. If you didn't have concrete goals set, it is never too late to start! 2018 is far from over and there is much that can still be accomplished!