Your Mid-Year Business Assessment Checklist: What You Need to Review, Fix, and Update

Mid-year business assessments are carried out to review goals and progress, and to ensure that the business is on track. It is an excellent way to assess what works and what doesn't, what needs to be changed, and what needs to be updated. If you're a business owner, there's no better time to conduct a mid-year business assessment than now.

This blog post will provide a comprehensive mid-year business assessment checklist to ensure you review, fix and update necessary aspects of your business.

1. Review Your Business Goals and Objectives

Begin your mid-year assessment by reviewing your initial goals and objectives for the year. Evaluate their progress, status, and relevance. Determine if your plans and objectives are still relevant to your business operations. Are they achievable? Do they need modification? This evaluation will enable you to identify your strengths and weaknesses and help you re-strategize accordingly.

The success of any business is greatly dependent on well-defined goals and objectives. As we approach the mid-year point, evaluating these goals' progress, status, and relevance is imperative. Reviewing your business goals and objectives is critical to achieving growth and profitability. 

Businesses that fail to re-assess their goals often experience stagnation. Remember that the evaluation process is not a one-time but a continuous endeavor. As such, it will enable you to re-strategize and redirect your efforts where necessary.

Review your business goals

The first step in setting practical objectives is to review your business goals. What are your long-term and short-term goals? What do you want to achieve in the next year, five or ten years? Once you understand your goals well, you can begin setting objectives to help you achieve them.

Define your objectives

Once you have reviewed your goals, you need to define your objectives. Objectives are specific, measurable, attainable, relevant, and time-bound (SMART) goals to help you achieve your business goals. For each goal, you should have one or more objectives to work towards.

Set a timeframe for each objective and make adjustments

Setting a timeframe for each objective to track your progress and ensure that you are on track to achieve your goals is essential. Without a timeframe, losing sight of your objectives and getting sidetracked by other projects or tasks is easy. Try to set realistic deadlines for each objective so that you can stay motivated and on track.

  • What do you want to accomplish in your business this year?
  • What are some of the key priorities for your business?
  • How have you tracked progress toward your goals and objectives in the past?
  • What systems or processes are in place to measure success for each goal?
  • Are there any goals that should be de-prioritized to make room for new ones?
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2. Analyze Your Financial Statements

Analyzing your financial statements is crucial to your mid-year assessment. Look for any irregularities, expenses, or revenues reflecting the success or failure of your business. For instance, if you spend more than you earn, you must restructure or adjust your business operation costs. According to the Profit First system by Mike Michalowicz, the total expenses should not exceed 30% of the total revenue.

Evaluating the performance of current sales channels

Assessing the sales channels’ performance is crucial to a mid-year business review. It involves analyzing the effectiveness of each channel in generating revenue and reaching customers. This evaluation should consider customer acquisition cost, conversion rates, and revenue generated per channel. 

By identifying which channels are performing well and which are not, you can make informed decisions on where to focus your efforts and allocate resources. This may involve optimizing successful channels or discontinuing underperforming ones. Understanding your sales channels' performance is crucial to maximizing revenue and achieving business growth.

Examining your pricing structure and evaluating potential changes

Examining your pricing structure is an essential part of the mid-year business assessment. It involves evaluating your current prices and determining whether they are competitive, profitable, and sustainable. You need to understand the value you offer to your customers and set prices that reflect that value. 

Analyzing pricing data and consumer behavior can help identify opportunities to increase prices or adjust pricing structures to better align with customer demand. It is critical to assess whether there are any cost savings or efficiencies that can be achieved through changes in pricing or product offerings. 

Analyze the financial impact of new products, services, or activities to ensure they are profitable

Before launching new offerings or initiatives, evaluating their potential impact on revenue, costs, and overall business performance is essential. This assessment should consider factors such as the product or service's target market, pricing, production costs, marketing expenses, and potential revenue streams. 

With a thorough financial analysis, you can determine whether a new product or service is feasible and profitable in the long run. This evaluation can also help identify cost savings or revenue generation opportunities, enabling businesses to make informed decisions and allocate resources effectively. The last thing you want to do is waste resources (time and money) on a product or service that doesn't get you closer to your financial goals.

  • What sources of revenue are contributing most to the success of your business?
  • What expenses are you incurring that could be minimized?
  • Can you take on investment opportunities, or is it more advantageous to pay down current debts?
  • How often do you review and analyze your financial statements for accuracy and trends?
  • Can you reduce expenses while still maintaining quality services or products?
  • Are there any areas where investing more could lead to greater returns in the long run?
  • Which of your financial statements provide the most insight into the health and profitability of your business?
  • Are there any adjustments or improvements that can be made to strengthen your financial performance?
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3. Marketing Strategies Update

Review your marketing strategies to determine which ones were successful and which were ineffective. This information will provide insight into upcoming social media, email marketing, and website optimization activities. Use this data to fine-tune your marketing strategies and generate a platform for the next half of the year.

Analyze the success of past campaigns

Analyzing the success of past campaigns is essential to understanding what worked and what didn't. By assessing the results of past campaigns, you can identify areas of improvement and gain insight into how to reach your target audience better. This evaluation should consider factors such as the campaign message, audience segmentation, and the marketing channels' effectiveness.

Analyze hard and soft metrics when assessing the success of past campaigns. Hard metrics such as impressions, click-throughs, and conversions provide insight into the campaign's effectiveness. Soft metrics such as customer engagement, brand awareness, and sentiment provide valuable qualitative data for future strategies. Compare the results of similar campaigns to gauge their relative success and identify opportunities for improvement.

If you don't evaluate your marketing tactics, you may waste resources on unproductive campaigns and overlook chances to increase revenue. Reviewing past strategies and adjusting plans accordingly can improve your ROI, build brand awareness, and reach your target audience more effectively. This is vital to help you achieve your goals and drive growth.

  • What kind of marketing strategies have worked for you in the past?
  • Are there areas of your marketing strategy that you feel deserve more attention?
  • How do you decide which online platforms to focus on for your marketing efforts?
  • What is your process for evaluating and measuring the success of a given marketing campaign?

Focus on social media platforms that are the most effective at driving traffic to your website

This is the perfect opportunity to review and improve your social media presence and focus your energy on the social media platforms that drive website traffic. Many businesses have successfully used social media platforms like TikTok, Facebook, Instagram, and Twitter to attract new customers, build brand awareness, and generate leads. It is important to understand which social media platform drives the most traffic to your website to make the most of your marketing efforts.

By analyzing the performance of each social media platform, you can identify which one is driving the most website traffic and determine what strategies could be used to capitalize on this. For example, if Facebook drives the most web traffic, you should focus on posting content there to encourage users to click through to the website or landing page. You can use social media ads or sponsored posts to target specific audiences and increase website visits.

You should also regularly monitor which social media platform drives the most website traffic because it can change over time. Experiment with social media strategies, such as leveraging user-generated content, engaging with customers, or running contests, to determine the best. 

Businesses can drive more website visitors and increase their online presence by analyzing website traffic and leveraging the most effective social media strategies.

  • What content resonates with your customers?
  • Are you engaging with your followers regularly and generating meaningful conversations?
  • What social media platform is driving the most website traffic for your business?
  • How are you using social media to increase website visits?
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Emphasize achieving conversions instead of prioritizing impressions, likes, or follows

Vanity metrics such as impressions, clicks, and followers are often used to measure the success of a marketing campaign, but they can be misleading. Followers' likes, and shares are the “vanity” metrics of social media. Still, they don’t tell us anything about whether or not the people engaging with the content will purchase the product or become a customer. 

This is why business owners must focus on strategies to convert people into customers. A successful marketing campaign should contain content that will generate leads, build relationships, and ultimately drive sales. 

Focus on creating valuable content that will resonate with their target audience and encourage them to take action. This could include anything from educational videos to blog posts to interactive quizzes. Utilizing these tactics can help establish an emotional connection with potential customers and increase their likelihood of purchasing. 

Hey, I thought I'd put this box here to tell you that you must stay genuine and truthful. Nowadays, there is a healthy distrust of anyone trying to sell anything online. People can smell BS from a mile away. You don't want to cram your product or service down people's throats all the time or come off as scammy, but you also don't want to stay silent about your offerings either. There is a balance. 

In addition to creating content that resonates with the target audience, businesses should focus on developing strategies to capture leads. This could include using website forms, giveaways, or email drip campaigns. A system to capture leads ensures that potential customers are not lost and can be nurtured until they become customers. 

The marketing landscape has changed significantly in recent years. Businesses need to focus on strategies to convert people into customers and be ready to pivot when necessary.

Taking care of your website so it takes care of you

The success of any digital marketing strategy is contingent on having an effective website. Websites are the primary source of customer information and should be optimized for user experience, search engine optimization (SEO), and conversion rate optimization (CRO). Mid-year business assessments can help identify areas where websites need to be updated or improved. 

This includes evaluating page loading speeds, ensuring all content is up-to-date, reviewing analytics data to understand user behavior, testing different site versions to determine which works best, and checking for broken links or other technical issues. Moreover, businesses should ensure their websites are secure and compliant with industry standards. 

  • Review web pages for loading speeds and page optimization.
  • Analyze analytics data to identify user behavior patterns.
  • Conduct keyword research to determine the most effective SEO optimization strategies.
  • Update website content with relevant keywords and target phrases.
  • Create unique titles and meta descriptions for each page.
  • Optimize website images and videos for SEO and faster loading speeds.
  • Assess website structure and navigation to ensure it is user-friendly.
  • Test different versions of the website to determine which works best.
  • Install an SSL certificate to ensure website security and compliance.
  • Test website forms, links, and other elements for potential issues.

Do you have the right website for your current business model?

Business owners (yep, that's you!) should regularly evaluate their websites and consider if their platform suits their current business model.

For example, if an e-commerce business is selling digital products, its website should be designed to facilitate secure online payments and downloads. They must ensure their website is set up for shipping costs and customer service inquiries if they sell physical products.

To create portfolios for coaches and artists, websites should have a design highlighting their services and stories. It's advisable to include booking systems like Dubsado, contact forms, and other tools to make it easy for customers to communicate with the business. Membership websites can offer customers secure login and navigation links to access content or courses.

  • What are my goals for the website?
    • Do I want to use the website to build my brand, generate leads, or sell products or services?
  • Should I manage my website in-house or hire someone to manage it?
    • What budget should I set aside for my website maintenance?

Ultimately, choose a website platform that is easy to manage and serves customers’ needs. Evaluate and upgrade as your business grows and changes. 

ELIZABETH ALARCON - BLOG POST QUOTES - Your Mid-Year Business Assessment Checklist What You Need to Review, Fix, and Update - Sarah McLachlan
“Change and growth is so painful. But it's so necessary for us to evolve.” – Sarah McLachlan

4. Determine if upgrading technology and equipment is necessary.

Assess your (and your employees') current technology and equipment. Evaluate whether your computer systems and software meet your business goals and objectives. It can contribute to increased costs, reduced efficiency, and data breaches if outdated. Investing in technological upgrades can create more effective and efficient employee operations that positively impact business performance.

As businesses continue to grow and evolve, evaluating the effectiveness of their existing tech and equipment is essential. This review should consider factors such as the age and capacity of hardware, software solutions, and communication tools. 

Using tech that is not up-to-date can cause work processes to become slower and reduce efficiency. Consider investing in technology and equipment upgrades to access the necessary tools and resources. 

For example, upgrading to cloud-based solutions can provide more flexibility and accessibility, while investing in high-performance equipment can improve productivity and reduce downtime. 

  • What equipment and tech do you currently use in your business?
  • Do you feel knowledgeable about the tech and equipment you are using?
  • What advantages are there to upgrading your current equipment and tech?
  • What risks do you face in not updating your equipment and tech?
  • Are the benefits of an upgraded system more significant than the initial costs?
  • How will an upgrade affect customer service, employee efficiency, and company culture?
  • Will changes be made to existing processes if new tech is implemented?

Is there a way to run your business lean(er)?

Less is more. It’s important to assess how your business currently runs and identify areas where you can simplify things. This could include streamlining processes, automating tasks, or outsourcing certain services.

Look for ways to reduce expenses while increasing efficiency. For instance, employee salaries are one of the biggest costs a small business will incur, so consider hiring freelancers or contractors as needed instead of full-time employees. 

Automation can help you save time and money regarding customer service and operations. There are many software solutions available that can help automate mundane tasks so that you have more time to focus on new projects and initiatives. Consider which tech and tools would be most suitable for your current requirements, and avoid duplicating or using software with overlapping features.

  • What processes can you streamline or automate?
  • Do you need additional employees to handle tasks that can't be automated?
  • Is there a way to reduce your employee costs? 
  • How do you optimize your current marketing budget? 
  • Are there any free or low-cost digital marketing strategies that could help increase engagement with customers? 
  • Are there any tools or software that overlap and can be eliminated?

5. Does Your Branding and Visual Identity Have a Cohesive Impact?

Branding goes beyond simply creating a logo. It encompasses your company or product's look, feel, values, mission, and message. Therefore, it is essential to reassess your branding strategy regularly to ensure you are staying consistent and up-to-date with current trends and preferences. 

Your visual identity should be designed in a way that accurately reflects the core values of your business. The visuals to represent your brand should be compelling enough to attract potential customers while reflecting what makes you unique from other businesses in your industry. 

Evaluate the brand identity elements such as logos, colors, typography, images/illustrations, and messaging for relevancy. Assess whether your brand identity is still capturing the attention of potential customers and staying consistent with current trends. Review website design, social media profiles, marketing materials, and other platforms to ensure they align with your branding strategy. 

  • Are there any changes that can be made to improve the effectiveness of your branding?
  • Do you have a clear mission statement for your brand?
  • What colors and fonts should be used to represent your brand’s identity? 
  • Which images or illustrations will best represent what makes you unique? 
  • Are people easily able to recognize your logo across multiple platforms? 
  • How should messaging be crafted to capture the voice of the company? 
  • Can any changes be made to marketing materials or website design? 

Ensuring consistency can be achieved by reviewing your visual identity. If you do it well, you won't have to revisit this one as often.

Does your copy capture your business' voice and style?

To maintain consistency in the voice and style of your business throughout all platforms, it is important to assess your copy. This will make it easier for your customers to recognize your brand. Here are some tasks and questions business owners should ask themselves when assessing their copy: 

  • Does the copy capture the voice of the company?
    • Your copy should sound like it's coming from your business, not a generic template. Check that your copy conveys the values of your business and talks to your customers uniquely.
  • Is the messaging across platforms consistent?
    • Review your copy across all your platforms to make sure it's consistent. Ensure your copy's message and tone are the same across all channels.
  • Is the copy engaging and easily understood?
    • Utilize a conversational, simple tone that resonates with your customers. Your copy shouldn't be too long or complicated. Otherwise, it becomes confusing. Write for clarity!

6. Assess the Effectiveness of Your Customer Service Procedures

You should aim to provide a personalized customer service experience that meets and exceeds customer expectations. Identify areas where existing customer service processes must be improved or updated. 

Evaluate your support channels, such as SMS and email, and determine if you can offer additional services. Consider implementing an FAQ page or chatbot on your website that can help answer questions quickly and efficiently. 

Review customer queries and complaints response times to ensure they are addressed promptly. Assess how well employees are engaging with customers through social media platforms. Analyze data from past surveys or feedback forms to identify customer needs and preferences trends. 

  • Do you have multiple channels to offer customer support?
  • Are customers being responded to promptly? 
  • Are you engaging with customers on social media platforms? 
  • Have any trends been identified from past surveys or feedback forms? 
  • What additional services could be offered to enhance the customer experience? 
  • What processes are currently in place for responding to customer complaints and queries?
ELIZABETH ALARCON - LEADERBOARD AD - The Best Way to Provide a Great Customer Experience is by Training Your Staff on How To Do It Well
The Best Way to Provide a Great Customer Experience is by Training Your Staff on How To Do It Well

7. Evaluate Systems and Processes in Each Department

Systems and processes are the foundation of a business. Assess how effectively the current systems and processes align with your desired goals and objectives. Determine if any changes need to be made for efficiency, accuracy, or convenience. 

Consider automating customer data collection, billing, invoicing, and shipping tasks. Identify opportunities to increase the speed at which work is completed by streamlining processes if you haven't done so already. Improve communication between departments by creating a shared language with clear guidelines. SOPs are great for this!

  • Are there any areas that can benefit from automation? 
  • Are you using project management tools to track progress? 
  • How could processes be simplified or improved? 
  • Are employees familiar with all current systems and processes? 
  • Are resources being allocated efficiently? 
  • How can communication between departments be improved?

To maintain efficient business operations, it's important to review all systems and processes regularly. This assessment should consider the efficiency of these systems for all stakeholders (including employees and customers) concerning time, cost, and quality. It's also important to evaluate the flexibility of existing systems to accommodate changes in technology or customer needs. If any issues are identified, a process improvement plan should be developed and implemented gradually to create a more effective working environment.

Feedback and Staff Performance Review

Evaluate your staff's performance, feedback, and morale. Their morale is essential to the business's overall success, and their performance is directly proportional to business growth. Holding regular performance reviews and obtaining feedback helps to identify employee performance gaps, training needs, and employee satisfaction. These regular assessments promote employee recognition, which ultimately boosts employee morale.

To measure performance, metrics such as goal achievement, time management, quality of work, customer satisfaction, and team collaboration should be assessed. Performance feedback from team members, customers, and managers should be regularly collected to gather more insights into employee performance. Also, employee surveys can be used to measure job satisfaction and employee morale. An in-depth understanding of these metrics can help managers identify areas of improvement and ensure employees are performing to their full potential.

  • Are employees receiving consistent performance feedback? 
  • What methods are used to obtain employee feedback? 
  • What areas need improvement in terms of employee performance? 
  • Are employees satisfied with their work and the current training program? 
  • What changes can be made to improve employee morale? 
  • Are there any metrics being tracked to measure employee performance?
  • What can I do to make sure that the staff feels supported?
ELIZABETH ALARCON - LEADERBOARD AD - Why You Can't Seem To Keep Great People- A Letter to Employers, Small Business Owners, and Entrepreneurs - PART I
Why You Can't Seem To Keep Great People- A Letter to Employers, Small Business Owners, and Entrepreneurs – PART I


Regular assessments of your business operations are essential for growth and success. A comprehensive evaluation should cover multiple areas, including branding, customer service, systems and processes in each department, staff performance reviews, and employee feedback. Identifying potential improvements in these areas will help you stay competitive and ensure that your business operations remain efficient and effective. Taking proactive steps to assess the state of your business will ensure that you create an environment where employees can thrive while providing customers with a quality experience.



ELIZABETH ALARCON - PINTEREST - Your Mid-Year Business Assessment Checklist What You Need to Review, Fix, and Update

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