7 reasons to conduct a review

We all have a tendency to go into a lull over the summer. But summer is actually a great time to do a midyear review and make some smart moves for your business while your competitors are taking it easy. More

To continue reading this article, please do one of the following.



ADVICE

7 reasons to conduct a review

Posted 6/17/13

We all have a tendency to go into a lull over the summer. But summer is actually a great time to do a midyear review and make some smart moves for your business while your competitors are taking it easy.

Bill McBean, a successful entrepreneur turned author, suggests you work smarter, not harder. “Often, business owners think they can review their business or implement needed changes after they’ve enjoyed the summer,” says McBean. “But what happens is, you come back from vacation and immediately get slammed trying to catch up.” Then, suddenly, the year is almost finished and valuable opportunities have passed you by.

Here are seven reasons McBean suggests a midyear review is a good idea:

• Some changes will take a while to implement. If you want to make changes such as ordering new inventory, hiring and training a new employee or putting a marketing campaign together, it will take time to get those things rolling.

• You can act while your competitors are procrastinating. Set a goal to take action on at least one or two important changes. Do it while your competitors are sitting on their hands.

• You know things now that you didn’t know at the beginning of the year. If you did a year-end review last year, you probably raised some important questions.

• It’s a good time to re-grip the reins. Midyear is a good time to assess your own control of the situation, and see if you have developed the kind of culture you want, and have motivated employees to give their best.

• Nothing good comes from waiting to look at the numbers. Now is the time to check sales figures against projections and examine reasons you’re doing well, or not.

• It’s a great time to go after new opportunities. You will be able to evaluate products and services that could add value to your current customers while attracting new ones. Ask yourself: What are my key strengths, and how can I leverage them to grow revenue? What weaknesses can I shore up? Are there offerings I’m just not good at that I should eliminate?

• There’s no better time to re-motivate employees. One great way to re-motivate employees is to set an end-of-summer goal and pre-holiday objectives. You can then develop a summertime special around that goal, and give employees an opportunity to upsell customers. “Keep in mind that most employees are looking for extra summertime cash,” says McBean. •

Next Page
Calendar
PBN Hosted
Events

See the List of 2014 Winners. And save the date - September 10th - for the 3rd Annual Fastest Growing & Innovative Companies program at Rosecliff Mansion in Newport.
  • Healthiest Employers
    Thank you to all who attended the 3rd Annual Healthiest Employers Luncheon today ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement