June is here which means we are in our 6th month of the year! That’s’ right, we’re already halfway through the year. Although this year has felt very long due to COVID-19, we want to make sure that you are still able to do your six-month Business Review check-in and take away some lessons from these past months.
This year has been especially hard on all business owners, especially small business owners. KDA wants you to know that you are not alone. We want you to succeed and find ways to reflect, prepare, and thrive. It can be a very stressful time to review how things are going, so sit back and take a breath. We are all together in trying to find a way to not only stay afloat but thrive. A way to start would be to use our three-step process for checking-in and reviewing how this year has gone thus far. By doing these steps, you will be guided in the right direction and ready for the next half of the year.
Reflection #1: What have your successes been this year?
When doing a reflection or check-in, the best way to start is with the positives aspects of your business. Make a list of the biggest wins you have had this year and how they came about. Was it something new you tried? How does it compare to this time last year? Make sure to write down things that worked, goals met, customers that you helped, and how. These steps will help you understand the positive patterns to repeat, as well as how to move forward for the rest of the year. One thing that this social distancing has taught us is to be more innovative and creative; which are things that we can carry on with us when things slowly get back to normal.
Reflection #2: What has not been successful this year?
This part of the process is the hardest part, and partly why we tend to push it off. However, it has to be done because we need to run our business on facts, not fiction. If you want to correct bad patterns and learn from your mistakes- a reflection is necessary. Take this time to analyze what did not work about these past few months. Maybe your business took a huge hit from COVID-19 and now you need to get back on your feet. Maybe you survived, but don’t know how to move forward? Don’t think of them as mistakes, but think of them as ways to learn and grow. Every mistake is simply a learning lesson. If your business is losing money, take a hard look at the numbers, and get professional help if need be. This step may not be the most fun, but it has to be done for the sake of your future, and your business’s future.
Reflection #3: What would a more positive future look like? What are your goals?
Taking the time to reflect and visualize how you want your business to look in the future is a great next step. Develop a mid-year plan supported with concrete steps to achieve your business goals for the rest of 2020. Be sure to
set realistic numbers for projected year-end goals. By recording everything you want to achieve, you create a structured roadmap and the accountability required to get you to your goals. Make sure to share those goals with a business partner or financial advisor so when it comes to your end of the year review, you can look back and see if it was met.
It has been a very tumultuous year, and it is our hope that you have been able to thrive financially, mentally, and physically. We know being a small business owner takes plenty of hard work and dedication and we commend you for taking it on. Remember that you are not alone and that there are people with experience ready to help. If you want to speak to our team, please feel free to reach out and contact us. May the odds be ever in your favor.