Mid-year business check-in: How to reassess goals for the second half of the year

BY THE middle of the year, most small business owners are so busy managing day-to-day operations that any medium-to long-term strategy goes out the window.

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But doing a midyear business check-in can be one of the most powerful ways to keep your business on track towards achieving your goals.

The economic climate in South Africa remains challenging: consumers are cash-strapped, and many businesses are operating in low-growth sectors. At the same time, we've seen positive signs: interest rates have stabilised, fuel prices have dipped even though there's a threat of a diesel price hike in August, and some SMEs are reporting stronger cash flow compared to this time last year.

Whether your business is struggling or thriving, now is the right time to take stock. Here’s how to approach your midyear business check-in:

Review your original goals

Start by revisiting the goals you set at the beginning of the year. These might include revenue targets, customer growth, product launches or geographic expansion. Ask yourself:

■ Are you on track?

■ Have any goals become irrelevant or unrealistic due to market changes?

Reassess your financial position