_edited_edited.png)
Welcome to The McVay Journal, your go-to source for insights and inspiration tailored for entrepreneurs, non-profits, and impact focused leaders who are driven by values and purpose with a servant leadership mindset. I'm Carli McVay, your Business Coach. Each week, we'll explore the essential topics that matter most to your journey.
In the dynamic world of business, it’s crucial to regularly assess your progress and adjust your strategy as needed. One of the most effective ways to do this is through a mid-year business review. This practice serves as a vital checkpoint on the journey towards achieving our long-term goals1. Let’s dive into why a mid-year review is crucial for sustained business growth and how businesses approach this process using the balanced scorecard, and in our TMG cases, a modernized version of it.
Toolkit 101: The Importance of a Mid-Year Business Review
A mid-year review allows leaders to evaluate their current year strategy plan progression and make systematic updates to the strategic plan for the final six months of the calendar year. This practice can help engage and motivate employees, streamline processes that are now a higher priority, refocus client marketing strategies, as well as determine the financial status of the company before it's too late. Summer is an amazing time for this recalibration.
Benefits of Mid-Year Reviews
Enhanced Employee Engagement and Motivation: A mid-year review provides an opportunity to recognize and celebrate achievements, address challenges, and set clear goals for the remaining year. This can boost employee morale and motivation, fostering a more committed and productive workforce.
Refinement of Priorities and Processes: By reassessing and updating strategic priorities and processes, organizations can adapt to changing circumstances, focus on high-priority tasks, and eliminate inefficiencies. This ensures that resources are optimally allocated and efforts are directed towards the most impactful areas.
Early Financial Assessment: Conducting a mid-year financial review allows leaders to evaluate the company’s financial health and make necessary adjustments before the end of the year. This proactive approach helps in identifying potential issues early, ensuring better financial stability and planning for the upcoming months.
The Tool You Need: The Balanced Scorecard
In today’s fast-paced business environment, effective performance measurement is critical to organizational success4. The Balanced Scorecard (BSC), introduced by Robert Kaplan and David Norton in the early 1990s, has revolutionized how companies measure and manage performance.
The Balanced Scorecard goes beyond traditional financial metrics to include additional perspectives: Customer, Internal Business Processes, and Learning and Growth. This holistic approach ensures that an organization’s performance is measured comprehensively, promoting long-term success and sustainability.
Coaching with Carli: TMG has taken the Balanced Scorecard and "Modernized" it, not only the perspectives, but objectives, themes, and more. We call it the "Business Strategy Map". I'd love to take you through the process and make, not only your mid-year business review, but quarterly and annual, the new way you do business!
Building Your Tribe: A Mid-Year Check in With Your Team
A crucial aspect of a successful mid-year review is the focus on building and strengthening your team, or "tribe." This involves fostering a sense of community and collaboration among employees, which can significantly enhance productivity and morale. Here are some key points to consider:
Open Communication: Encourage open dialogue and feedback within the team. Create forums or regular meetings where employees can share their thoughts, concerns, and suggestions. This promotes transparency and trust, which are essential for a cohesive team.
Team Building Activities: Organize team-building activities that can help improve relationships and teamwork. Whether it’s a workshop, an offsite retreat, or a fun group activity, these experiences can strengthen bonds and improve collaboration.
Recognition and Rewards: Recognize and reward the efforts and achievements of your team members. Acknowledging hard work and celebrating successes, both big and small, can motivate employees and foster a positive work environment.
Professional Development: Invest in the professional growth of your team. Provide opportunities for training, mentorship, and career development. This not only enhances their skills but also shows that the organization values their contribution and growth.
Being the Tortoise: Steady Approach to Strategy
In the fast-paced world of business, it’s easy to get caught up in the need for rapid results. However, adopting a more measured and steady approach, like the tortoise in Aesop’s fable, can be highly beneficial in the long run. Here’s how:
Sustainable Growth: Focus on sustainable growth rather than quick wins. Rapid, short-term gains can often lead to burnout and instability. A steady, consistent approach allows for more manageable and enduring success.
Thorough Planning: Take the time to thoroughly plan and execute strategies. Rushed decisions can lead to mistakes and overlooked opportunities. A deliberate pace ensures that every action is well-considered and aligned with the overall strategic goals.
Resilience: Building resilience within your organization is crucial. A slow and steady approach allows you to better anticipate and manage challenges. It also prepares the team to handle setbacks without losing momentum.
Quality Over Quantity: Prioritize the quality of work over the quantity. High-quality outputs enhance your brand’s reputation and lead to greater customer satisfaction. This focus on excellence can set you apart from competitors who may be more focused on speed.
By incorporating these sections into your mid-year review strategy, you not only ensure a comprehensive evaluation of progress but also reinforce the importance of team cohesion and sustainable growth. This holistic approach can drive long-term success and stability for your organization.
Be the Example: Set the Tone From the Top
Leaders set the tone for the entire organization. By embodying the values and behaviors you wish to see, you can inspire your team to follow suit.
Lead by Example: Demonstrate commitment, integrity, and a strong work ethic. Your actions will speak louder than words.
Show Empathy: Be approachable and understanding. Show genuine concern for your team’s well-being.
Continuous Learning: Stay curious and open to new ideas. Encourage a culture of learning and innovation.
Summing It Up: A Mid-Year Business Review Matters
A mid-year review is an invaluable tool for recalibrating and ensuring continued progress towards annual goals.
Review and Reflect: Assess the achievements and challenges of the past six months.
Adjust Strategies: Update your strategic plan based on insights gained.
Engage the Team: Involve employees in the review process to gain diverse perspectives and foster buy-in.
Coaching with Carli: I cannot say more about doing a mid-year business review. I am heading out of town right after finishing this blog up to go do one with a client and her executive team. I have their 2024 Strategy Map ready to review and adjust. Then we will be engaging both their board and all team members on all of the reflections and revisions.
Call to Action: Schedule Your Mid-Year Business Review Today
Take the next step towards maximizing your success for the remainder of the year. Schedule a session with me, Carli McVay, either in person or virtually. Entrepreneurs, partners, and leaders can gather their teams for a focused session on evaluating current progress and strategizing for the future. Let’s work together to ensure your organization achieves its goals and thrives in the coming months and hits all the marks in 2024!
Attitude4Gratitude: Cultivate the Culture
Cultivating a culture of gratitude can significantly enhance workplace morale and engagement.
Express Thanks: Regularly acknowledge and thank employees for their contributions. Small gestures can have a big impact.
Celebrate Milestones: Recognize both individual and team achievements. Celebrate progress to foster a positive environment.
Encourage Positivity: Promote a positive outlook. Encourage employees to recognize and appreciate each other’s efforts.
Remember: I'm doing all of this with you right now. My gratitude is high!
Comments