Give Your Business a Mid-Year Check Up

Come January, every blog out in blogland will have advice on how to set goals and make plans for the new year.

But what happens when you set goals, and then don’t check in with them for 12 months?

Not a whole lot, adventurers.

If you’re only checking in with your business plan once a year, then your business isn’t going to get very far.

Instead, you need to regularly set aside time to evaluate the way your business runs and what you are trying to achieve. And what better time to do that than the middle of the year?

Now that it’s July, it’s the perfect month to look at what worked, didn’t work, and needs to change between the first half of the year and the second. It’s time for you to give your small business a mid-year check up.

1. Get your finances in order

The natural thing to look at when considering your finances is how much money you’re making. And that’s definitely important! But there are other things you need to look at as well, including:

What are your monthly expenses? Do you pay for web hosting, design, writing, job boards, or any professional memberships? Look at every recurring expense to see if it still makes sense for your business. Are there any that you can afford to cut? Or any that you need to invest more money in?
Are you setting aside money for taxes? If you don’t know what percentage of your income you need to set aside for taxes, set up an appointment with an accountant.
Are you keeping track of business expenses? Take a few hours to update your accounting and file receipts.

And finally, of course, your income. I find the best way to motivate myself, and to make sure I’m spending my time well, is to keep track of exactly what I do each day, how much time I spend on it, and what I earn. My income has more than doubled since I started doing this!

2. Update your website

Like children, pets, and businesses themselves, websites are growing, changing things. You need to regularly check in with yours and make sure it’s still showing you off the way you need it to.

I’m in the middle of working with a web designer to completely overhaul the design of my site (stay tuned — I’m excited for the new look!). It’s one of those things I put off for about six months longer than I should because I didn’t want to spend the time or the money. But if you want your business to be taken seriously, regular website maintenance is an absolute must. This could include:

updating the design– if you haven’t done this in a few years, you probably need to!
adding in new pages or deleting ones you no longer need
updating the content
starting a blog
checking for broken links
updating old blog posts with images or better SEO practices

3. Audit your social media accounts

It’s easy to get bogged down trying to stay updated on too many social media platforms. If you find yourself spending more time on social media than actually working, it’s time to audit your accounts.

Which social media accounts give you a good return on your time? These are the ones that drive traffic to your website, introduce you to new customers, or help you connect with others in your industry. Pick the most productive ones to focus on and let go of the rest.

Alternatively, if you’re not spending any time on social media, you need to start. Do you have dormant accounts you need to reactivate? Do you need to hire a social media consultant to help you get started? Take time to figure out where you can effectively market yourself and participate in your industry.

4. Identify your pain points — and find someone to help

As a business owner, your job is to identify your customers’ pain points and offer a solution. But what about your own pain points? Where are you struggling, and where do you need help?

In the past few months, my business has begun to grow so rapidly that I’ve started feeling overwhelmed. I need someone to help me come up with new, more sustainable strategies for growing my income and my business without completely burning out. So I booked a session with a business consultant to talk through my options and get some advice.

If your business has developed some pain points in the first half of the year, set aside some time (and maybe a little money) to address them. For example,

Are you feeling overwhelmed by mundane tasks like checking your email or researching blog posts? You may need to hire a virtual assistant.
Do you not have time to update your own social media accounts? You may need to reach out to a social media manager.
Are you not sure how to expand your business? Set up a time to talk with a coach or mentor.
Do you feel lost when it comes time for taxes? Look around for an accountant to advise you.
Have trouble staying on track with your to-do list? Put together an accountability group with some of your colleagues.

No matter what the pain point is, there is someone out there who can help you fix it. And trust me, you’ll feel better once you find them!

5. Check in with your goals

If you set goals for yourself at the beginning of the year (which I hope you did!) now is the time to look back at the list and see where you are.

You may have accomplished some of them — that’s great! Good for you. What new goals can you set?

You may be on track with others — whoo! Keep on keeping on. And don’t be afraid to ask for help along the way.

You may have already abandoned some of your goals. You know what? That is 100% okay. Business grow and change. Life happens. It’s unpredictable. Give yourself permission to let them go, because the best thing you can do for yourself and your business is to set new goals that align with where you are now.

And then, start working on them for the second half of 2015.