Mid-Year Check-in: 7 Elements to Review
I took advantage of the long Memorial Day weekend and beautiful weather we had in the Niagara region to sit on the deck and take stock of where I am, how to leverage the work I did in the first half of the year, and where I want to go in 2017.
The tendency I used to have was to look at my accomplishments and beat myself up for not achieving more.
I’m done with that.
I know that type of thinking helped chain me in self-abuse mode and kept me focusing on negative things which only got me more negative stuff.
Part of being detached from the outcome is looking at your results and not judging them. Just compare them to what you wanted.
I thought you might benefit from doing a mid-year assessment too so I thought I’d share what I did.
These are the 7 basics I think need to be reviewed.
Revenue. I used to hate looking at my numbers. They were always inconsistent at best and not good at worse. But you can’t measure what you’re not tracking so take a look at your revenue from the first half of the year month by month. Is it going up or down? Were some months better than others? If so, why? Are you bringing in at least the amount you need to run your business, market your offerings, and have a great life without scraping to get by? Do you know the number you want each month? If not, get clear and then assess what’s going on here. Set a target for the second half of the year.
Expenses. These were on track for me but then my websites were infected with malware and it cost me more than $1000 to get the problem fixed. I now have an unexpected monthly payment for continued protection and I’ve got to figure out how to recover that money. That tells me I need to up my revenue number and take into consideration building a business rainy-day fund over the 2nd half of the year and beyond. Are you spending money where you should be? Are you paying for things you haven’t seen a return on? Are you paying for things you don’t really need at this point? Estimate expenses for the rest of the year and begin looking at expense estimates for 2017.
Profit. Do a quick calculation of the difference between your gross revenue and your expenses? By the way, did you take money for taxes out of your revenue? If not, make sure you do that and put it somewhere you won’t touch it. In spite of what Mike Michalowitz says in his book Profit First, you don’t pay yourself first. You always pay the government first. Remember, it took the US Treasury Department to bring down Al Capone.
Now, take a look at that profit number. Naturally you’d like it to be higher. Resist the temptation to beat yourself up if you think it’s too low. If it’s higher than you thought, then yay you. Make some notes about this number and give some more thought to revenue and expenses for the remainder of the year. As my mentor Mike Koenigs once said, “It’s not what you make, it’s what you keep.”
OK, those are the very basics of business right? No surprise there. So here are the other things I looked at that I encourage you to review as well.
Referral Partners. If you’re an introverted entrepreneur like me and you hate selling, one of the secrets to NOT selling is to get more referrals. Word of mouth is important for any business but it’s really critical if you hate to sell. You’ve got to work extra hard at being truly remarkable. You’ve also got to work at cultivating relationships with key referral groups. So think about what types of businesses compliment but don’t compete with you? Who serves your ideal audience? Two segments that serve my ideal audience are Online Business Managers and Virtual Assistants. I’m actively cultivating relationships with great performers in these segments to spread the word about my show, Let’s Talk Tech, and for the tech events I have coming up. Who would be natural referral partners for you and your offerings? Are you cultivating strong relationships with those partners you already have? What more can you do for your existing partners in the 2nd half of the year and how will that impact your expenses? Will you buy gifts, send cards, etc.?
Web Presence Optimization. This can sometimes feel like trying to herd cats but what I’m talking about here is your overall ability to rank in the search engines for key terms, and the development of a consistent brand on the web? Is your website looking good or does it need to be updated (like mine does)? This doesn’t mean you need to be on every single platform out there but it does mean you want to do a good job on those platforms you are on and that you present a unified image and message. Keep in mind the old adage “A confused mind never buys” and evaluate your web presence with a critical eye. One of my goals is to dominate page one of the SERPs (Search Engine Results Pages) for several key terms. Do you have a goal for your web presence? If not, then add that to the list of things to think about for the second half of the year. And be sure to keep in mind any expenses related to growing your presence and your brand.
Product Creation. We create an awful lot of content each month. As people who hate selling, one of the things to make sure we’re doing is to repurpose that content into products people can purchase as a way to check out our philosophy, process, and effectiveness. These low and mid-priced range products can be reasonable investments for someone who is evaluating whether or not to work with you privately and they’re also a way to get paid for all that content you’ve created. This can be a relatively painless way to begin to grow your revenue and maximize your earning power. Reflect on everything you’ve created – blog posts, webinars, white papers and reports, etc. – and then think about the needs and wants of your audience. How can you put together at least one small product to begin to sell before the end of the year?
The first half of 2016 was crazy for me. I…
Le…successfully launched my podcast, t’s Talk Tech (on New & Noteworthy within an hour of its official launch and was in N&N in three categories every day for 8 weeks!),
...laid out a sales funnel
…planned and hosted my first big virtual event
…got featured in two commercials for hosting company Hostgator
…created and sold a course on developing and launching a unique podcast
…and survived the malware infection of my three web properties.
But I paid a big price.
I missed a couple of important family events and spent only minimal time with my husband.
What about you? Were the sacrifices you made worth it? What are you unwilling to do as you move into the second half of the year?
For me, this is an additional incentive to grow my revenue since I need to outsource more work to stay in my genius zone, maximize my impact, and minimize time spent away from those I love.
You know how fast time flies by. Take control of where you and your business are going so you don’t wind up on December 31st kicking yourself for another year of not becoming the person and not building the business you were meant to.
Leave a comment below and let me know where you stand at mid-year….how do you feel about your accomplishments and what are your big goals for the rest of the year.