Business Banking

Mid-Year Business Check

Mid-Year Business Check

In early summer, many companies execute a mid-year review to assess performance and reevaluate goals – financial and otherwise. We’ve put together four recommended areas of focus to help you plan your mid-year business check.

Track Your Progress

Take time to review your 2019 business goals. What have you achieved? What items are behind schedule? Is every goal still relevant? What updates are needed? What steps do you need to take to ensure that you’ll meet your goals for the year? If you haven’t already done so, track your progress up to this point.

P&L and Beyond

Most likely, you already have a firm grasp on the company’s financial performance so far this year. Of course, now is an excellent time to look into the specifics of the profit and loss statement and make any necessary budget adjustments. It’s also important to acknowledge what the numbers on the P&L illustrate. Take note of projects that went well or any process innovations. Recognize areas of opportunity and ways to improve. In addition, look beyond the P&L to acknowledge successes or challenges that you may not find on any financial statement.

The Customer Experience

The best way to understand the customer experience is to talk to with your customers. A mid-year check provides an excellent opportunity to ask for feedback from your customers, both positive and negative. Pick up the phone and call several of your customers to chat with them about their experience. Use social media platforms and newsletters to ask for online reviews or testimonials.

Address any immediate issues and recognize staff who have gone the extra mile.

Employee Satisfaction

As with your customers, it’s important to monitor employee satisfaction levels. If the state of morale isn’t obvious, now’s a good time to check in. Over the last few months, has the company experienced a higher amount of turnover? Do you have several unfilled positions? Have recent employee performance evaluations or other conversations brought issues to light? Do employees seem optimistic and enthusiastic, or is the workplace tense and unfavorable? Talk to your department managers for their insights and suggestions. If employee morale is a concern, put together a plan to address it as soon as possible. If you don’t find any issues and overall, your staff seems happy and fulfilled, determine ways to maintain that satisfaction.

The Bank of Elk River takes pride in the products and services we offer for area businesses. As you review the first half of the year, contact us for any business needs, including business financing, online & mobile business solutions, checking and savings accounts, business resources, and more. Contact us today.

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Business Banking