What were your goals at the start of the year?
The first step is to take a look back at the goals you set your business at the start of the year. What was your sales target and where did your budget and cashflow forecast say you would be at this point.
This is a good opportunity to learn lessons for future cashflow forecasts and sales targets and to decide if any of your assumptions on revenue and expenditure were over optimistic or even too pessimistic.
How has your business performed?
Are you where you wanted to be in June? Have you reached your sales targets? Do you need to recruit new staff? And are you performing to budget?
The answers to these questions will define any actions you need to take over the second half of the year.
What action is required to reach your targets by the end of the year?
From your analysis of how your business has performed you can plot out your firm’s strategy to ensure your business is where you want it to be by the end of the year.
If you are busier than expected, do you need to recruit more staff? Has your analysis revealed areas of investment that are needed? Do you need to cut down on fixed costs?
Have any assumptions changed in the last six months?
Analyse whether any business and operating conditions have changed since you set out your business goals at the start of the year. If they have and these events are out of control, decide whether you need to amend your business goals.
Set out new business goals for end of year
If you decide the goals need adjusting, then setting out new revenue and sales targets and cost limits is vital.
After conducting your review of your business goals, you will be able to do so in a more accurate and informed way.
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